Seven choice funds fail APRA performance test
The Australian Prudential Regulation Authority (APRA) has released its latest superannuation performance test data revealing problems for seven trustee-directed (choice) products.
As flagged, products from AMP and Insignia Financial were among those deemed to have failed the test.
APRA said that it assessed 563 products of which:
- 52 MySuper products, all of which passed the test (none failed in 2024)
- 374 non-platform trustee-directed products, all of which passed the test (none failed in 2024)
- 137 platform trustee-directed products1, of which seven failed the test (37 failed in 2024)
APRA deputy chair, Margaret Cole said that the regulator had noted that a small number of platform trustee-directed products had passed the test “partly because rebates were applied”.
“While this benefits members, APRA will engage with relevant trustees to reinforce the expectation of sustained performance improvement,” her statement said.
The failed products came from Bendigo Bank, Insignia Financial’s MLC and AMP’s MyNorth range of products, with a number being consecutive fails.
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You lost me at Labor Senator, Deborah O'Neill. ALP OUT.
What they have done is stifled the youth even more, by taxing all the investments that they could have used…
talk about fees for no service
Twin Twits with zero accountability. Let’s blame Advisers again, their joint response for 25 yrs.
Twin Twits with zero accountability. Let’s blame Advisers again.