Heightened APRA scrutiny on fund expenditures

Our November 2024 Superannuation Update delivers a detailed analysis of the latest regulatory developments affecting the superannuation industry. In this update, you’ll find an overview of APRA’s first expenditure publications and upcoming scrutiny on fund spending, insights into ASIC’s recent greenwashing interventions, and a breakdown of APRA’s new Comprehensive Product Performance Package (CPPP). Here is what you need to know:

Superannuation highlights

APRA’s first expenditure publications released, with heightened scrutiny to come

APRA has released its first fund expenditure publications, providing detailed data for the 2022-23 financial year. This information was presented as supplementary tables within the Annual Superannuation Bulletin and Annual Fund Level Superannuation Statistics publications. In this Super Update, we highlight the main areas of concern and outline APRA’s expectations as it intensifies its oversight of fund expenditures in the coming year.

We also cover APRA’s newly launched Comprehensive Product Performance Package (CPPP).

ASIC recommendations from greenwashing interventions

ASIC's recent report 791 outlines its greenwashing interventions from 1 April 2023 to 30 June 2024. The report includes key recommendations and good practice examples based on ASIC’s surveillance of ESG disclosures across the financial services sector, including superannuation funds. These findings provide important guidance on how funds can improve their ESG reporting and avoid misleading claims.

News in brief

Our news in brief includes a summary of:

• Updates to SPS 114 and SPG 114 Operational Risk Financial Requirement
• A new government fact sheet on the proposed Payday Super reforms
• The release of two new sustainability accounting standards
• Recent statistical publications on superannuation.

Legislative update

As usual, our legislative update provides the latest changes in the superannuation landscape and a guide to the key changes to superannuation and their effective dates.

For an in-depth understanding, to stay informed and help your members navigate their retirement journey with confidence, download our comprehensive update prepared by our specialists.