Merge regulators for simplicity

ASFA/disclosure/superannuation-funds/superannuation-industry/chief-executive/

10 January 2006
| By Mike Taylor |

Merging the major financial services regulators and the abolition of the reasonable benefits limit (RBL) were among some of the answers provided by winners in the Association of Superannuation Funds of Australia’s (ASFA) ‘Simplifying Super’ competition.

The winners of the competition were announced at ASFA’s annual conference in Melbourne, with the three winners being Susan Stephens from BT Financial Services, Paul Collins from Superpartners, and Lucas McKay from BT Financial Services.

Stephens came up with a proposal for a ‘Super Hub’, which focused on centralising contributions and member data, thereby reducing the number of transactions; while Collins came up with a ‘Six Point Plan’ that included taxing at the benefit stage, simplifying preservation, merging regulators, and long-term fee disclosure.

McKay suggested the abolition of RBLs, the simplification of tax components, and fixing tax anomalies.

Commenting on the winners and their ideas, ASFA chief executive Philippa Smith said simplification was a major priority for the superannuation industry in circumstances where layer upon layer of rules had added complexity, confusion and loss of engagement by members.

“The judges looked for ideas that reduced the complexity of super, improved retirement income adequacy, increased national savings, and increased confidence in superannuation, which were equitable, accountable, secure and cost-effective, and, of course, innovative,” she said.

“The strongest entries were those that reduced complexity but were also do-able, as well as adding to the adequacy of the retirement income system,” Smith said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND