The prudential regulator has released the finalised prudential framework for insurance in superannuation.
Ticking off several Royal Commission recommendations, the Australian Prudential Regulation Authority (APRA) confirmed on Friday it has finalised revisions to requirements and guidance relating to insurance in superannuation following extensive industry consultation for over two years.
The changes to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) are aimed at improving superannuation member outcomes by helping trustees select the most appropriate policies for their members and monitor their ongoing relationships with insurers.
The revisions, as outlined in its statement, require trustees to:
The enhancements to SPS 250 will commence on 1 July 2022.
There were 25 winners at the first-ever Australian Wealth Management Awards, held in Sydney tonight. The Australian ...
The shadow treasurer says there was an opportunity to improve the advice industry with the Delivering Better Financial ...
Superannuation funds have thrown their support behind the reforms but want a “clear statement” that they will not be ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin