A “significant number " of Australian super funds have failed a Chant West performance test ahead of the prudential regulator’s much anticipated results of an appraisal system that weed out the bad performers.
Australian Super's Ian Silk and ISA's Bernie Dean have backed the prudential regulator's heatmaps and reiterated their call to remove "dud" funds from the system. They joined REST and QSuper in a parliamentary inquiry.
APRA's deputy chair Helen Rowell said the regulator is ready to forcibly remove trustees of underperforming funds thanks to their long-awaited appraisal system that easily identifies who in the industry is falling short.
APRA deputy chair Helen Rowell has slammed the trustees of poor-performing superannuation funds and warned that the prudential regulator will put even greater pressure on them to lift their game following the publication of a widely-anticipated review of fund performance.