Superannuation monthly update – Regulator updates, Legislation, and Cases

Regulatory updates

APRA statement: How super trustees can improve management of outsourcing arrangements (5 October 2022)

APRA outlined the following areas in which trustees could seek to improve their outsourcing processes:

Assessment of services providers:

• when setting the scope of outsourcing services, the process should be:
  • trustee-driven, without undue influence from conflicted executives
  • broad enough to cover all fund membership.
• the in-depth analysis should:
  • use internal and external data and appropriate industry/peer comparison as points of reference
  • focus on the value to members through analysis of usage and take-up rates of benefits, services and features.