Super funds spending without any clear benefit for members: APRA
The country's largest superannuation funds are risking the financial futures of millions of Australians by spending members' funds on ventures that do not have clear benefits for them, the financial services regulator has warned.
The Australian Prudential Regulation Authority said in a letter to super funds that the industry followed 'suboptimal' policies and displayed a 'lack of rigour' when making spending decisions, raising broader 'governance concerns with the level of scrutiny applied to new or ongoing arrangements'.
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