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APRA admits Stronger Super timetable tight
The Australian Prudential Regulation Authority's (APRA) deputy chairman Ross Jones has acknowledged that the Government's Stronger Super timetable is tight but insists it is achievable.
However, in outlining the timetable being pursued by the regulator, Jones warned that funds intending to deliver a MySuper product would need to make their decisions early or would risk leaving it too late to become a destination for default funds.
He suggested that applications with respect to MySuper licensing might need to begin as early as January 2013 to ensure funds were ready to meet the October 2013 timetable.
"The MySuper timetable is feasible - we hope funds will think about being ready to move by January," he said.
Jones also flagged changes to the financial services levy regime to take account of the implementation of Stronger Super regime and the costs borne by the industry.
AUTHOR
Mike Taylor
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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