Operational Risk Financial Requirements – SPS114 update

APRA has released for consultation proposed amendments to Prudential Standard SPS 114 operational risk financial requirement (ORFR) and its associated guidance. The proposed changes listed in the table below are expected to better position RSE licensees to use the ORFR for its intended purpose: to manage the impact of disruption and smooth operational risk related […]

Super funds Vs government for retirement outcomes – what members want

There is a lot of noise at the moment in the super industry over accessibility to advice and government reform for retirement income solutions, versus industry-provided solutions for members. In February 2024, new research has given some insight into how a sample of Australians weigh-in on these areas. The findings of the research conducted by […]

Understanding the Impact of APRA Performance Tests on Members

It’s essential to stay informed about regulatory changes that affect our financial future. One such development that demands attention is the introduction of performance tests by the Australian Prudential Regulation Authority (APRA). Here’s what this means for you: Increased Accountability: APRA performance tests aim to hold super funds accountable for delivering values to members. By […]

Superannuation – Navigating the Rising Cost of Living and Inflation

Superannuation is a vital aspect of financial planning in Australia, designed to provide retirement income for individuals. However, as the cost of living rises and inflation erodes the purchasing power of savings, Australians face challenges in securing their financial future.          Rising Cost of Living Over 2022-2023 financial year, many Australians have […]

Successes in 2023, looking to 2024

It was a big year at McGing in 2023. This year we helped our clients tackle a wide range of interesting projects; some highlights from the early months of the year included: Providing long-tail claims liability valuation and advice Providing IFRS17 / AASB17 implementation support for multiple insurers and friendly societies Providing a remediation methodology […]

What’s new at McGing?

New Office We are pleased to announce the opening of our new office at McGing, which reflects our expansion and improvement. Our new site, conveniently situated near our existing one, ensures easy access for our clients and partners. We look forward to welcoming you to our new office for discussions and collaboration. New Website We are excited to announce […]