Australian supers build up op risk reserves
Australian superannuation funds are moving to establish operational risk buffers, ahead of new regulations that could make provisioning for losses mandatory. Wietske Blees reports from Sydney
Australian pension funds, regulators and industry bodies have twigged to the fact operational risk events can trigger substantial losses in superannuation funds. Over the course of the past decade, ING Australia, AXA, National Australia Bank’s MLC and Commonwealth Bank’s Colonial Mutual Life Assurance Society among others have all faced multimillion-dollar payouts to compensate clients following
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