ASFA, the voice of super, welcomes Treasury’s publishing today of Edition 1 of the financial sector Regulatory Initiatives Grid (RIG) – which lists the reform priorities and initiatives affecting the financial sector over the next two years.
“A better coordinated regulatory change program was on our Christmas list, and the superannuation sector is pleased to see it delivered,” said ASFA CEO Mary Delahunty.
The RIG is aimed at enhancing transparency around changes to the regulatory landscape and help the whole finance sector better manage and sequence regulatory change. For the superannuation industry, where oversight spans APRA, ASIC, the ATO, AFCA and AUSTRAC, this level of coordination is particularly welcomed.
ASFA says the operational impact of implementing regulatory initiatives shouldn’t be underestimated.
“Super is a fast-changing and highly regulated sector. Ensuring regulatory changes are well coordinated and sequenced helps keep implementation costs down, ultimately benefiting working Australians by ensuring every dollar in super works harder for their retirement,” Ms Delahunty said.
ASFA plays an active role in helping its members plan and navigate regulatory change through its policy function and ASFA InPractice Forum.
“Progress on the grid will assist our members to collaboratively find efficiencies and address common issues. This effort will benefit all Australians by supporting a more resilient and cost-effective superannuation system,” concluded Ms Delahunty.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
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.
