Regulation of superannuation entities by APRA and ASIC
Registrable Superannuation Entity (RSE) licensees have a broad responsibility to act in the best interests of superannuation fund members. Functional regulators have been established to provide appropriate oversight of how RSE licensees fulfil various aspects of their responsibilities. The key distinctions in responsibilities between regulators are that:
- APRA is primarily responsible for ensuring RSE licensees prudently manage their business operations in a manner consistent with their member best interest obligations and the delivery of quality member outcomes; and
- ASIC is primarily responsible for ensuring RSE licensees meet their conduct obligations in their dealings with consumers, including disclosure and advice to members and ensuring members have access to complaints processes.