Retirement
Corporate regulators back superannuation reform
ASIC and APRA have joined forces to praise legislative reform proposals around superannuation.
Corporate regulators back superannuation reform
ASIC and APRA have joined forces to praise legislative reform proposals around superannuation.
According to the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), the proposed reforms unveiled last month by the Treasurer would introduce “important reforms that will support ASIC and APRA to carry out their roles as co-regulators in superannuation”.
The proposed reforms include expanding ASIC’s role as conduct regulator in the superannuation space while retaining APRA’s role as prudential and member-outcomes regulator.
According to ASIC and APRA, the legislation will see enhancement in “the close co-operation and collaboration between the two regulators”.
In welcoming the reform, ASIC commissioner Danielle Press indicated that both ASIC and APRA “have a shared commitment to improving the fitness of the superannuation system for Australians, and we strongly support these reforms”.
She said the reforms will strengthen ASIC’s ability to effectively regulate superannuation trustee conduct and focus on consumer protection in its regulation of superannuation.
“All trustees have an interest in a robust regulatory system without gaps in member protection,” Ms Press outlined.
“We want to assure trustees that ASIC and APRA will work together to ensure the new regime is effective and to reduce duplication of regulatory effort.”
Weighing in on the proposal, APRA deputy chair Helen Rowell said the organisation “welcomes ASIC having an expanded role in regulating a sector that is growing ever more integral to financial outcomes for Australians and the broader economy”.
She said ASIC has a critical role to play in tackling misconduct in superannuation, “while APRA will continue to strengthen its focus on member-outcomes and prudential soundness”.
RELATED ARTICLES
About the author
About the author
Superannuation
Australia's super test dilemma reform could boost long-term gains while keeping accountability sharp
APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government ...Read more
Superannuation
Super funds rethink strategy as APRA's performance test hits a fork in the road
The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring ...Read more
Superannuation
Aware Super enhances digital tools for financial advisers, boosting efficiency and client engagement
Aware Super has unveiled a suite of new digital features designed to streamline the workflow for financial advisers and their clients. This significant upgrade includes direct data feeds to Xplan and ...Read more
Superannuation
Super funds flip the script as APRA's performance test sparks strategic overhaul
Australia’s performance test has lifted the floor on retirement outcomes—and divided the industry in the process. After early shockwaves, failure rates have fallen and fees have trended down, but ...Read more
Superannuation
Rewiring Australia’s super performance test: from compliance brake to capital engine
Can an accountability tool double as a nation-building lever? Canberra’s review of the superannuation performance test aims to preserve member protection while freeing funds to back long-dated assets ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
Australia's super test dilemma reform could boost long-term gains while keeping accountability sharp
APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government ...Read more
Superannuation
Super funds rethink strategy as APRA's performance test hits a fork in the road
The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring ...Read more
Superannuation
Aware Super enhances digital tools for financial advisers, boosting efficiency and client engagement
Aware Super has unveiled a suite of new digital features designed to streamline the workflow for financial advisers and their clients. This significant upgrade includes direct data feeds to Xplan and ...Read more
Superannuation
Super funds flip the script as APRA's performance test sparks strategic overhaul
Australia’s performance test has lifted the floor on retirement outcomes—and divided the industry in the process. After early shockwaves, failure rates have fallen and fees have trended down, but ...Read more
Superannuation
Rewiring Australia’s super performance test: from compliance brake to capital engine
Can an accountability tool double as a nation-building lever? Canberra’s review of the superannuation performance test aims to preserve member protection while freeing funds to back long-dated assets ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
