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APRA updates MySuper application

APRA updates MySuper application

— 1 minute read

APRA has updated the approved form and instruction guide for applications for a MySuper Product authorisation. 

The update from APRA stems from new requirements as a result of the government passing the Treasury Laws Amendment Act back in April. 

The key areas updated in the form are:

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  • the new covenants incorporated into s.52 of the SIS Act (being s.52(9)-(13)) which require registrable superannuation entity (RSE) licensees to undertake annual outcomes assessments, and which specifically include MySuper products
  • the new test in s.29T(1) of the SIS Act, which states that APRA must have “no reason to believe” that the RSE licensee may fail to comply with the enhanced trustee obligations, the fees rules and the general fees rules in relation to MySuper products
  • a new section seeking information from previous applicants, or applicants seeking authority to offer an existing product, on their breach history and/or the existence of any adverse findings against them

APRA is currently updating the online form, but applications should contact their responsible supervisor to discuss the lodgement of any new product while the form is being updated. 

All registrable super entities that intend to offer a product or operate as an eligible rollover fund must seek authorisation from APRA. 

 

 

APRA updates MySuper application
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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