The Australian Prudential Regulation Authority (APRA) has released 11 new prudential standards for the superannuation industry.
Six of the standards are derived from existing standards for the banking industry, but five standards apply specifically to super funds.
The release of the standards follows a discussion paper published in September 2011, which outlined APRA's approach to the introduction of prudential standards for the superannuation industry.
In response to submissions received, APRA has made revisions to some aspects of its proposals, most significantly in relation to the operational risk financial requirement and to the scope of the standard in relation to defined benefit funds.
"It is encouraging that the submissions were unanimously supportive of APRA's broad objectives in establishing prudential standards for superannuation and, consequently, raising the minimum requirements for trustees to prudently manage members' money," APRA deputy chairman Ross Jones said.
"The draft prudential standards clearly articulate that the primary responsibility for prudent management of superannuation funds rests with trustees and the boards of directors," Jones said.
The draft prudential standards can be found here.
