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ASFA welcomes ASIC strengthening
The Association of Superannuation Funds of Australia (ASFA) has welcomed the government's announcement that it would be strengthening the Australian Securities and Investments Commission (ASIC).
ASFA was also particularly pleased with the Government's decision for greater funding for the Superannuation Complaints Tribunal (SCT) to clear the case backlog.
The association chief executive, Pauline Vamos, said "where members need to take the next step and seek a resolution through the SCT, it is important that these issues are resolved quickly as some complainants are in a difficult financial position".
"The SCT is a service of critical importance to APRA [Australian Prudential Regulation Authority]-regulated superannuation funds and their members. Future funding needs to reflect the rise in time taken to resolve complaints due to the complexity of issues and increasing numbers of those registering a beneficial interest," said Ms Vamos.
ASFA also noted the announcement of the implementation of the Financial System Inquiry recommendation for a full user pays model for ASIC funding.
"ASFA supports adequate and appropriate funding for ASIC, and considers that all regulated industries should contribute to that funding via levies," Vamos said.
ASFA also welcomed the deferral of the industry funding model until 2017 as it has concern about the lack of transparency and accountability inherent in the current process by which levies are applied and utilised.
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