QUESTIONS ON NOTICE › Australian Prudential Regulation Authority (Question No. 1691)
Senator Bushby asked the Minister representing the Treasurer, upon notice, on 9 March 2012: In regard to the Australian Prudential Regulation Authority (APRA) and provisions relating to the superannuation industry: (1) What is the status of the requirement for superannuation funds to take less than 30 days to roll money over to a different fund or to a member following the member's request. (2) What is the extent of non-compliance, listed by industry segment, in regard to this provision. (3) What rollover release times appear to be: (a) best practice; and (b) less than best practice. (4) Does the industry fund sector generally take significantly longer than the retail fund sector in arranging and administering rollovers; if so: (a) can APRA provide the relevant data relating to this trend; and (b) what are the reasons for this difference according to APRA.