Cooper flags Super Council

Jeremy Cooper

Jeremy Cooper has recommended that the superannuation industry set common data standards for superannuation transactions with the formation of a Super Council.

Speaking at the Association of Superannuation Funds of Australia (ASFA) national conference in Adelaide, Cooper said there were clear linkages between his work around the mandatory standards — which will result in a report to the industry standards swimEC Council — and the Super System Review and its SuperStream proposals.

He said the report to the swimEC Council would recommend a co-regulatory model encompassing the industry, government and regulators. Key recommendations include the formation of an industry led Super Council that would set standards, and the establishment of a legislative framework by the Government under which the industry-developed standards would be mandatory for all participants in the superannuation industry.

Cooper stated that the regulators, which included the Australian Taxation Office (ATO), the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, would enforce those standards.

ASFA chief executive Pauline Vamos stated that the report was not about industry self regulation.

“That has been tried and it has failed,” she said.

She noted there were still some issues that needed to be agreed upon before the swimEC Council could issue the report.

“The challenge for the industry is to bring together all participants in the system, including the ATO [Australian Taxation Office], employers, [self-managed super funds], administrators, payroll houses and the industry,” she said. “The key is to leverage all existing structures and processes.”