APRA combines performance test and heatmaps
The Australian Prudential Regulation Authority (APRA) has consolidated the superannuation performance test with its heatmaps to create what it is calling a Comprehensive Product Performance Package (CPPP).
The regulator said the CPPP covers 876 MySuper and choice products which, collectively, represent most types of investment offerings for superannuation fund members in the accumulation phase.
It said that when looking at investment performance more broadly to factor in asset class selection and performance relative to peers, the CPPP identifies additional products that have underperformed.
Commenting on the development, APRA deputy chair, Margaret Cole pointed to the identification of further underperforming products.
“Product performance is a key element that trustees must consider when managing the retirement savings of their members. While performance of products across the entire superannuation industry has improved following the introduction of the performance test and APRA’s heatmaps, there are still underperforming products that need improvement particularly among choice product offerings.
“APRA has no tolerance for members to remain in poorly performing products without credible and timely rectification by a trustee.
“The superannuation industry plays a vital role in protecting Australian’s retirement savings, and it is increasingly integral to the strength of our economy. Therefore, it is essential to drive better practices to improve the outcomes for members,” Cole said.
yeah if his ASX compliance is similar to his AFSL compliance, good grief...
Sure Garry, we believe you. NOT. How did you get AFSL compliance so wrong and turn a blind eye to…
AMAFA, the new licensee of last resort!
The guy is a walking conflict
Meanwhile, financial advisers are fully accountable for tax outcomes relating to advice and still cannot access the ATO portal. Accountability…