APRA to publish details of super fund payments to unions
Superannuation fund payments to unions and other related parties will be made public by the Australian Prudential Regulation Authority (APRA).
The regulator announced today that it intends to start publishing more detail around superannuation fund expenditure from August, this year.
APRA deputy chair, Margaret Cole said the move follow consultation with the industry.
She said the new expenditure data to be published from August would provide details on:
The new expenditure data to be published from August 2024 will provide details on:
- the breakdown of expenses for the whole industry, and for each fund, by more detailed categories including administration, advice, member services, marketing, trustee board (including director remuneration), and other corporate overheads (such as travel and entertainment); and
- recipients of payments made by each fund to industrial bodies and related parties, in relation to promotion, marketing or sponsorship expenses and any political donations.
APRA will also publish further details on the type of investments the industry holds in relation to property and infrastructure, alternative strategy funds, listed equity and private equity.
Deputy Chair Margaret Cole said: “The new data will shed further light on how trustees are spending and investing the funds entrusted to them by members.
Lets hope they also publish any commissions paid by the underwriters of the industries group insurance cover too…
ISA is so powerful now this disclosure requirement will be like water of a ducks back. Nothing to see here.
The web of sponsorships and marketing agreements will be so complex, there is no way APRA or the public will ever know how much money makes it’s way to the unions and the ALP, unless someone from the inside spills the beans
Let’s hope they take a look to see if there are any commissions paid from industry funds insurance underwriters too…
The fact this has not been published before shows how Regulatory Capture Corrupted both APRA & ASIC are to Industry Super.
How about the HIDDEN COMMISSIONS will they be tabled ?
HIDDEN COMMISSIONS received from Life Insurance Companies to ISA Funds.
HIDDEN COMMISSIONS received from Every Members for General / Intra Fund Sales Advice.
I have zero faith ARPA or ASIC will force Industry Super to do anything they don’t want too.
I notice QSuper has had 12 month returns to the end of Feb 2024 of about 6%. This is compared to my clients’ returns of 16%.
Where’s the money, QSuper?
Let’s hope they take a look to see if there are any commissions paid from industry funds insurance underwriters to the unions as well…