ASFA, the voice of super, welcomes ASIC’s announcement of its regulatory simplification program and calls for the superannuation sector to be represented in the program for the benefit of all 18 million Australians with a super account.
“ASIC’s move to cut red tape in financial services demonstrates a proactive approach to regulatory reform. They have already done an enormous amount of work, and this is welcome from the perspective of fund members. Regulation should not be ‘set and forget’, especially in super – a system that impacts every Australian,” said ASFA CEO Mary Delahunty.
Super sector a prime candidate for inclusion
“The superannuation industry, and therefore anyone who holds savings in super, would benefit significantly from representation in ASIC’s program. Annual compliance costs for super funds have doubled to over $1 billion in the last seven years, in part because funds are required to separately report the same information to different regulators and agencies in different ways.
“Strong, meaningful regulation is needed to protect members’ savings and the integrity of the system itself. However, where regulation is duplicative or inefficient, it can come at a cost to members, often without any corresponding safety benefits.
“After ongoing representations from the super sector, ASIC has announced it will review the stamp duty disclosure requirement under RG 97. We look forward to further constructive engagement with ASIC to identify and resolve potential regulatory impediments to investment that do not deliver benefits to fund members’ returns,” Ms Delahunty said.
For further information, please contact:
ASFA media team
0451 949 300
mediaunit@superannation.asn.au
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.