Regulatory AlertsSPG 520 Fit and Proper
The Australian Prudential Regulation Authority (APRA) issues this guidance to assist Registered Superannuation Entity licensees in complying with Prudential Standard SPS 520 regarding the fitness and propriety of their responsible persons. The document outlines prudent practices for developing Fit and Proper Policies, defines the scope of responsible persons, and details comprehensive assessment criteria covering character, competence, experience, and potential conflicts of interest. It further specifies assessment processes, legal and privacy considerations, and clarifies APRA’s enforcement powers while emphasizing the licensee’s primary obligation to ensure only qualified individuals occupy key governance and operational roles.
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