Australia to publish pension fund ratings, pressure underperformers
Australia will begin publishing “heat maps” of the performance of pension funds next year and will pressure those with poor records to exit the industry, the Australian Prudential Regulation Authority (APRA) said on Wednesday.
Australian pension funds manage A$1.7 trillion ($1.20 trillion) in savings but lack “maturity” in governance and risk management practices, APRA Deputy Chair Helen Rowell said in a speech published on the regulator’s website.
The sector is under pressure to lift standards and improve accountability following a public inquiry last year which exposed widespread misconduct in the financial industry.
“APRA will deliver greater transparency on the industry’s operations, performance and delivery of outcomes, and also on the actions we are taking to lift behaviour and practices across the industry,” Rowell said.
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