Equip Super has recommended that the Financial System Inquiry (FSI) does not call for further change in the superannuation system and the recent raft of changes were suitable but require time to be fully embedded within the system.
In its submission to the FSI Equip Super stated the Super System Review of 2010, also known as the Cooper Review, adequately dealt with issues relating to higher levels of member equity, reduced opacity and improved governance within funds and lower systemic risks within the sector.
Equip Super stated it was in agreement with the FSI interim report that policy instability around superannuation had led to a lack of operational efficiency and "a period of consolidation is now needed to bed in the legislative and regulatory changes brought about by the Stronger Super changes".
MySuper and other changes such as SuperStream, product dashboards, aligned member/APRA reporting and portfolio holdings disclosure all have a place to play in making the superannuation system more robust. However, these changes have come at a significant cost," the submission stated.
"We would encourage Government to allow the current raft of changes to bed down before adding more costs to the system through additional change. Additional policy adjustments may at this stage impinge on the efficacy of the Cooper Review changes in delivering their full measure of benefit."
