Superannuation regulator roles

12 days left to have your say
Date
-
Consultation Type
Exposure Draft

Key Documents

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations around the roles and responsibilities of the superannuation industry regulators, including that ASIC become the primary superannuation conduct regulator.

The Government is today releasing exposure draft legislation for public comment which implements recommendations 3.8, 6.3, 6.4 and 6.5 of the Royal Commission.

  • Recommendation 3.8 and 6.3 will adjust APRA and ASIC’s roles in relation to superannuation to accord with the principles that APRA is the prudential regulator and ASIC the conduct and disclosure regulator.
  • Recommendation 6.4 will give ASIC joint responsibility for enforceable provisions in the SIS Act which have consumer protection as their touchstone.
    • In addition, the coverage of the Australian financial services licensing regime in superannuation will be extended. This will ensure ASIC has access to appropriate powers and enforcement tools, and can successfully perform its role as superannuation conduct regulator under the recommendations above.
  • Recommendation 6.5 ensures that APRA’s role is unchanged. APRA remains responsible for prudential and member outcomes regulation in superannuation. 

Responding

You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to. 

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

FSRCconsultations@treasury.gov.au

Post

Address written submissions to:

Senior Adviser
Retirement Income Policy Division
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: FSRCconsultations@treasury.gov.au
Phone: Tamara Lee +61 2 6263 2111