In addition to complying with both the Corporations Act 2001, AFSL licensee and ASIC regulations, as a superannuation provider and thus an RSE Trustee, CFSIL is also required to hold an RSE License and comply with all Australian superannuation regulation, prudential and reporting standards issued by the Australian Prudential Regulatory Authority (APRA). This licensing requirement and set of regulations only applies to Australian superannuation funds (i.e. asset owners) and provides strict guidance on superannuation fund governance, business structure, remuneration, strategic planning, member outcomes, managing conflicts of interest, investment governance and operational and investment risk management.
In relation to investments or other arrangements through related parties, the CBA Group implements governance procedures that are designed to ensure that the RSE Trustee and each other entity involved has identified the relevant considerations (e.g. acting in the best interests of relevant members), and makes the required decision in the correct capacity, having regard to these considerations.
CFSIL has operated as an RSE Licensee and superannuation fund for over 20 years. We believe we are compliant with all the legal and regulatory requirements of an asset owner including those relating to board and investment governance, business structuring, remuneration and managing conflicts of interest. We recognise that, like any asset owner, there are processes that can be improved, and we are working to make these improvements to ensure better member outcomes.