The Australian Prudential Regulation Authority's (APRA) deputy chairman Ross Jones has acknowledged that the Government's Stronger Super timetable is tight but insists it is achievable.
However, in outlining the timetable being pursued by the regulator, Jones warned that funds intending to deliver a MySuper product would need to make their decisions early or would risk leaving it too late to become a destination for default funds.
He suggested that applications with respect to MySuper licensing might need to begin as early as January 2013 to ensure funds were ready to meet the October 2013 timetable.
"The MySuper timetable is feasible - we hope funds will think about being ready to move by January," he said.
Jones also flagged changes to the financial services levy regime to take account of the implementation of Stronger Super regime and the costs borne by the industry.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
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