Super peak body ASFA has announced an expansion of its regulatory change and implementation service, ASFA InPractice (AIP).
The revamped service will better help funds, administrators, and other service providers manage major regulatory transformations – like the one currently underway with Payday Super – from the early stages of policymaking through to practical implementation. Its outputs, including implementation playbooks, guidance notes and standards will be available to the whole sector, regardless of ASFA membership.
“ASFA has spotted a missing piece in how funds and service providers work through the complex and costly work of implementing regulatory change. AIP will complete the sector’s policy-to-practice puzzle,” said ASFA CEO Mary Delahunty.
“AIP has long supported important work like SuperStream, the Division 296 tax regulations and Payday Super. But the message from funds and administrators is clear: more support is needed through the regulatory change lifecycle, and that is why we’re investing more in AIP over the coming year.”
From July, access to ASFA InPractice’s co-design working groups will be available to all ASFA member funds as part of their membership, in a change from the previous opt-in model.
“By opening AIP to all member funds, we are extending the benefit of co-designing implementation work, reducing cost and duplication for funds and ultimately improving outcomes for every single member of an APRA-regulated super fund,” Ms Delahunty said.
Working groups bring together a non-competitive community of practitioners across funds, administrators and service providers to co-design solutions and standardise approaches to regulatory compliance. Working group members have access to dedicated engagement channels with regulators including the ATO and APRA. Where needed, they can escalate implementation matters to regulators to seek clarity and shape effective transitional arrangements, as has occurred with Payday Super.
AIP will produce practical artefacts including implementation playbooks, guidance notes and standards designed to be adopted and adapted by member organisations. These will be available for use by the whole sector, regardless of ASFA membership.
“Regulatory change does not finish when legislation or guidance is published. That’s where the most complex and costly work begins.
“We’re excited to be able to support the super system with the full policy-to-practice lifecycle, to deliver more value for our member funds and service providers and ultimately, more value for super fund members,” Ms Delahunty said.
For further information, please contact:
Scott Roberts
ASFA Media Lead
mediaunit@superannuation.asn.au
About the Association of Superannuation Funds of Australia (ASFA)
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry, and the only industry body that represents all parts of the APRA-regulated system.
Our more than 100 members include retail, industry, corporate and public sector funds and their service providers. For over sixty years, ASFA has been the voice of super, advocating for a dignified retirement for all Australians. Through research, advocacy and collaboration, ASFA promotes efficiency, sustainability and trust in Australia’s world-class retirement income system.