FSC concern over regulatory timeframes
Financial Services Council chairman Peter Maher has used his opening address at this year's FSC conference to question how the industry is expected to comply with new regulations in the available timeframes.
"The longer it takes for the release of full regulations and guidance, the greater our concern about the ability of the industry to comply with [Future of Financial Advice] and Stronger Super by 1 July 2013," said Maher, who is also group head of banking and financial services group at Macquarie Bank.
The Australian Securities and Investments Commission has indicated it expects to consult by the end of 2012 on issues including guidance on disclosure requirements for MySuper, self managed super fund reforms, and where appropriate, on governance reforms and SuperStream changes, Maher said.
"At the heart of the industry's challenge is the fact that there are many new definitions and obligations that have not yet been written but which we must comply with by 1 July 2013," he said.
"Significant systems changes and training are also required to ensure staff can use the new systems and comply with the new regulations. The delay in release of regulations and guidance in some cases until 2013 limits the ability of our industry to comply," Maher said.
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