ASIC welcomes reforms expanding its role in super

ASIC australian securities and investments commission APRA australian prudential regulation authority superannuation super danielle press Helen Rowell

14 February 2020
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have welcomed the proposed reforms aimed at increasing the role of ASIC in superannuation.

The draft legislation, released by the treasurer in response to recommendations from the Financial Services Royal Commission (FSRC), introduced reforms that would support ASIC and APRA to carry out their roles as co-regulators in superannuation.

The reforms would expand ASIC’s role as conduct regulator while retaining APRA’s role as the prudential and member-outcome regulator in superannuation, the regulator said.

“ASIC and APRA have a shared commitment to improving the fitness of the superannuation system for Australians, and we strongly support these reforms. The reforms will strengthen ASIC's ability to effectively regulate superannuation trustee conduct and focus on consumer protection in our regulation of superannuation,” ASIC’s commissioner, Danielle Press, said.

“All trustees have an interest in a robust regulatory system, without gaps in member protection. We want to assure trustees that ASIC and APRA will work together to ensure the new regime is effective and to reduce duplication of regulatory effort.”

APRA’s deputy chair, Helen Rowell, said that APRA welcomed ASIC expanded role in regulating a sector which was more integral to financial outcomes for the broader Australian economy, she said.

“As the conduct regulator of the financial sector, ASIC has a critical role to play in tackling misconduct in superannuation, while APRA will continue to strengthen its focus on member-outcomes and prudential soundness,” she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 hour ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 7 hours ago