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Notice given 24 August 2012

2120  Senator Bushby: To ask the Minister representing the Minister for Financial Services and Superannuation—With reference to the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, and the Australian Competition and Consumer Commission, detailed separately, can the following information be provided:

(a) what induction processes are offered to newly appointed staff and commissioners;

(b) are any training programs offered; if so, is attendance mandatory;

(c) do the programs and courses include segments on the organisation’s powers, responsibilities and protocols, including its role as a regulator working under a statute establishing its powers and procedure; if so, can details be provided; and

(d) does training include segments on the separation of powers and the accountability of regulators to Parliament; if so, can details be provided.

2121  Senator Bushby: To ask the Minister representing the Minister for Financial Services and Superannuation—

(1) What is the current Australian Prudential Regulation Authority (APRA) policy and practice in regard to unit pricing errors.

(2) What percentage of funds regulated by APRA comply with the current unit pricing policy.

(3) How many funds are currently under investigation by APRA in relation to unit pricing errors.

(4) Did APRA become aware of such errors through material reporting, consumer complaints or an APRA audit, and in each instance, what was the source of the information.

(5) Is there a need for legislative reform to address unit pricing deficiencies.

(6) Since 2006, how many enforceable undertakings have been issued by APRA to retail and employer-sponsored funds, and for instances where enforceable undertakings were not issued, what regulatory action was taken.

(7) To ensure ‘no detriment’ to superannuation fund members, what has been the source of funding to compensate those who have lost funds as a result of unit pricing errors, for example: access to shareholder funds; use of fund reserves; or retrieval of moneys from members who have been beneficiaries of errors.