ASFA InPractice

Co-designing practical and member focused solutions between practitioners and the regulators requires collaboration between all sectors, a common interest and trust.

• Since 2011, the industry has spent over $1B to comply with complex policy and regulatory change impacting administration practitioners
• This pattern is unlikely to change for the foreseeable future with major regulatory change programs on the way, operationalised or about to commence (Rollover Version 3, APRA Superannuation Data Transformation, Better targeted superannuation concessions, Payday Super and other Budget changes)
• Regulatory change programs are iterative at best as regulators grapple with translating the ever-changing policy environment – the “what” – into practical and member focused outcomes – the “how”
• Business Implementation Guides, technical specifications, protocol documents, guidance, FAQs etc are issued ‘just in time’ making planning and meeting tight deadlines challenging and exposing funds, administrators and software developers to increased project cost and risks
• Regulators (ATO, APRA, ASIC) themselves are facing new challenges in monitoring and regulating the industry as they are gradually becoming part of the ‘real time’ superannuation administration ecosystem
• In a network environment the member and employer experience is only as good as the weakest link
• The challenge for the industry is to have early visibility of intent, certainty of scope and the opportunity to influence design to ensure better outcomes for members and to meet compliance deadlines, every time
• To access to our ASFA Fraud Officer Register please contact us via aip@superannuation.asn.au