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ARTICLE · 16 JULY 2013

APRA finalises eight prudential practice guides for superannuation

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APRA has finalised eight prudential practice guides (PPGs) for APRA-regulated superannuation funds.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

APRA has finalised eight prudential practice guides (PPGs) for APRA-regulated superannuation funds.

This update follows our Corrs In Brief dated 15 May 2013.

BACKGROUND

The PPGs were released on 8 July 2013 along with APRA's Response to Submissions on the guidance. These eight PPGs have immediate effect.

APRA first released the PPGs for consultation on 11 December 2012, as part of the first set of (ten) draft PPGs. A second set of draft PPGs were released for consultation on 9 May 2013.

Currently only eight PPGs from the first set have been finalised and updated to include issues raised in submissions to APRA. In its Response to Submissions paper, APRA states that the PPGs are designed to provide guidance only. Although the PPGs discuss legal requirements, they do not have the force of law.

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