Regulatory AlertsSPS 520 Fit and Proper
The Australian Prudential Regulation Authority issued Prudential Standard SPS 520 Fit and Proper to require all registrable superannuation entity licensees to implement policies ensuring individuals in positions of responsibility are fit and proper. The standard mandates that licensees assess the competence, character, and integrity of responsible persons prior to appointment and conduct annual re-assessments to manage prudential risks. It establishes specific eligibility criteria for RSE auditors and actuaries, defines the scope of responsible persons, and imposes strict reporting obligations to APRA regarding fitness assessments and whistleblowing provisions.
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