The superannuation policy reforms recommended by Commissioner Hayne will make our world class superannuation system even stronger, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA CEO, Dr Martin Fahy said that, in essence, the proposed reforms amount to a strengthening of conflicts management and regulatory frameworks, that seek to ensure members’ best interests are at the heart of all trustee determinations.
“Reforming the system in this manner will build consumer trust and confidence in a system that is already delivering some exceptional outcomes for Australians.
“The Commissioner has acknowledged that the regulatory architecture underpinning our system is strong and that the best interests covenant, and sole purpose test, set high standards for trustees operating superannuation funds.”
“However, in the course of his forensic inquiry, the Commissioner has identified specific areas for improvement to ensure these standards are better applied in practice. It’s now up to industry and regulators to raise the bar,” said Dr Fahy.
ASFA believes it will be important to work through each of the recommendations carefully to consider unintended consequences that may arise in implementation.
For further information, please contact:
Katrina Horrobin, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.