ASIC, APRA warn super funds on executive scrutiny
Regulators and lawyers have warned super funds they need to get their houses in order before tough new executive accountability laws come into force next year.
Regulators and lawyers have warned superannuation funds they plan to enforce tough new executive accountability laws from the day they take effect next year, but industry players say they are already well advanced in preparing for the new regime.
The Financial Accountability Regime (FAR) kicks into force next March, extending the Hayne royal commission-inspired Banking Executive Accountability Regime (BEAR) to super funds and insurers in a bid to improve transparency and responsibility at funds when something goes wrong.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Tax & super
Fetching latest articles