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ACSA takes aim at ASIC paper 197
Increasing the disclosure requirements on super funds to include precise itemised content would increase costs for members, according to the Australian Custodial Services Association (ACSA).
It said the trend would be a complex process that would ultimately be worn by the member.
It is currently working on a series of consultation papers to ensure the industry body can "get it right for the mums and dads of Australia", according to ACSA chair Pierre Jond.
He said 2013 would bring unprecedented change to the entire financial services industry and increase the profile of custodians.
The papers focus on the Australian Securities and Investments Commission (ASIC) consultation paper 197 and a number of proposed changes to Australia's custody industry, including calls for custodians to act as gatekeepers.
ACSA said elevating custodians to the position of regulator would be confusing and complicated.
"ACSA believes this raises a number of questions such as the necessity of multiple watchdogs, and may confuse the obligations of the custodian to the responsible entity, and complicate the relationship between these two parties," it said.
ACSA was also opposed to the idea of changing the title of custodians to something else, as it would put Australia at odds with its global peers.
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