
Submission to APRA Prudential Standard CPS 511 – Remuneration
PFS Consulting is pleased to provide this submission in relation to the draft Prudential Standard CPS 511 – Remuneration (“CPS 511”).

PFS Consulting is pleased to provide this submission in relation to the draft Prudential Standard CPS 511 – Remuneration (“CPS 511”).

Aged care providers must hold funds in reserve to pay for refunds of accommodation deposits. When residents have paid lump sums to partly or fully fund their accommodation costs, these deposits are refundable when they leave or pass away.

The proposed APRA executive remuneration standard, CPS 511, aims to ensure that remuneration arrangements in the financial services effectively manage both financial and non-financial risks.

An organisation’s success depends on how well board and committee members work together to drive company goals, align resources, and reinforce the organisational culture and mission.

A common question about our profession is “…and what is it that actuaries actually do?”.
In a nutshell, actuarial consultants analyse the financial implications of future risk and uncertainty, assess the potential costs and potential returns, and advise on the best path forward.

The introduction of the new Insurance Accounting regime (AASB 17) is more involved than it may seem. Here are some issues to consider:

Tucked neatly in the Royal Commission report, starting on page 347, is a little section that focuses on Executive Remuneration.

By now you have probably begun analysing the findings of the Hayne Royal Commission – however if you need a top line catch up, here’s our summary, with some of our own thoughts added.