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24 May 2013 meeting

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SuperStream Advisory Council meeting
24 May 2013

Key messages

Interoperability Network and Governance

  • The Council received a presentation from the industry associations and ASP. It noted the progress made at the meeting on 21 May with all the ‘known’ gateway providers. There was strong engagement from the gateway providers in working collaboratively on the network. The main issues to be resolved were certification, issues resolution, dispute resolution, testing and clarifying liability. These were to be addressed at the next meeting on 29 May.
  • The Council discussed the likelihood of their being potential gateway providers who are unknown at this stage and would encourage any provider intending to offer a gateway to notify the ATO (if they haven’t already) or the Council.
  • While the work of the industry association’s Gateway Project Steering Committee has so far focused on interoperability issues, the Council understands the critical importance of network governance issues. The steering committee will bring a document to the next Council meeting with the intent of having a governance framework in place by November 2013 (after a period of consultation). The Council noted the importance of broad consultation and is supportive of the timetable, but would be concerned if that timing were not met.
  • The Council encouraged the ATO to continue to work collaboratively with the industry associations by sharing information (if possible) to mitigate the risks of a small number of funds not being ready.
  • The Council recommended that APRA work with the industry associations to identify and issue appropriate communication to mitigate the potential systemic risks should there be any gateway providers who do not ultimately agree voluntarily to support the interoperability network and standards.
  • The industry associations noted the Memorandums of Understanding between them, and separately with ASP had been signed.
  • The Council advised that the industry associations had collaborated in producing an initial newsletter for the broader industry and had committed to continuing to do so.
  • A key element of the gateway framework is a model agreement between funds and gateway providers. The steering committee will be developing such an agreement as a matter of priority.

Readiness

  • It is important that funds continue to focus on building their readiness for the commencement of SuperStream. The ATO has now received information on their readiness from 87 per cent of surveyed funds. To further assist funds to prepare themselves for SuperStream, Philip Hind of the ATO will be holding a telephone conference with key industry bodies to discuss readiness in the week beginning 27 May.
  • Funds are reminded that the Fund Validation Service is critical for the future operation of the SuperStream initiatives and that they should have the final details for their fund registered in early June.
  • The Council is aware of some issues that have arisen in respect of rollovers to annuity providers. Although the initial numbers are expected to be relatively small, it asked the ATO to consider the matter further.