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Australian regulators combat misconduct risk in pensions industry

Australian regulators combat misconduct risk in pensions industry

by Starling Insights

Starling Insights Editorial Board

Jun 11, 2021

Observations

The Australian Prudential Regulation Authority (APRA) has warned superannuation funds that a single serious accusation of misconduct can be a prudential risk and cause reputational damage. Australia’s superannuation funds manage national wealth on behalf of Australian citizens. In recent years, a number of these firms have been embroiled in misconduct scandals that harm national interests and which have resulted in public outcry.

In a speech at an industry event hosted by ASFA (Association of Superannuation Funds of Australia), APRA executive director Suzanne Smith said misconduct can erode public trust, deter customers and investors, and attract financial penalties. “APRA’s chief concern when it comes to misconduct, however, is what it says about an institution’s culture, and whether that culture potentially enables or even encourages damaging behavior,” she said.

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