APRA kicks off prudential overhaul

APRA plans to modernise Australia’s prudential architecture and has started to overhaul its framework, APRA chair Wayne Byres revealed today.

War hits Munich Re Q1 results

The financial consequences from the war in Ukraine and sanctions against Russia have severely affected Munich Re’s first quarter, the reinsurer revealed in its latest results today (May 10).

Private health insurance in death spiral

Australia’s private health Insurance (PHI) industry urgently needs a rescue plan to stop its death spiral, a Grattan Institute report released today, warns.

AMP mulls portfolio split up

AMP Ltd’s board plans a portfolio review of the Group’s assets and businesses as part of its transformation strategy to create “a simpler, leaner business”. Credit Suisse, Goldman Sachs and King & Wood Mallesons have been appointed AMP’s advisers to manage the review.

NDIS taskforce in large-scale insurance fraud raids

The National Disability Insurance Scheme (NDIS) Fraud Taskforce has raided several premises as part of an investigation into large-scale fraud allegedly committed by a western Sydney healthcare practitioner.

Members continue to empty super accounts

Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.

Employers get SG amnesty for another six months

Under amending legislation passed in Parliament this week, employers who have failed to comply with their super guarantee (SG) obligations will have an amnesty for another six months to come forward and pay their workers’ SG shortfall without ATO penalties.

IOOF faces second class action

IOOF Holdings Ltd is facing a second class action from shareholders who want to recover losses from alleged non-disclosures and potentially misleading and deceptive conduct affecting IOOF share purchases from March 1, 2014, to July 7, 2015, inclusive. Shine Lawyers launched the class action on behalf of the shareholders after LS Fund Services, a part…