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Were super changes worth the cost?
Superannuation funds will be able to make clear the additional costs which have flowed from the succession of changes which have occurred to the industry’s prudential framework over the past five years.
The Australian Prudential Regulation Authority (APRA) has announced a post-implementation review of the Stronger Super changes, and as part of that process funds will be able to outline the degree to which they have been confronted by additional costs from the process.
Outlining its approach, the regulator specifically pointed to the fact that a cost-benefit analysis would represent an important factor in determining whether the framework had achieved its objective and remained fit for purpose.
It said that, on that basis, “stakeholders are invited to, wherever possible, provide compliance impact information”.
APRA said that, in particular, it was seeking information on the:
• compliance costs associated with the introduction of the prudential and reporting standards both at the time of implementation and on an ongoing basis; and
• benefits that have been obtained as a result of the introduction of the prudential and reporting standards.
It said that, consistent with the Government’s approach to estimate compliance costs, the methodology behind the Commonwealth Regulatory Burden Measure would be used to estimate any compliance costs that might be required during the review.
APRA said using the Commonwealth Regulatory Burden Measure methodology to estimate the costs associated with the prudential and reporting frameworks would ensure the data supplied could be aggregated and used in any industry-wide assessments.
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