APRA, ASIC to share data

15 November 2019
| By Jassmyn |
image
image
expand image

The two financial services regulators are looking to share data to help improve superannuation member outcomes.

Speaking on a panel at the Association of Superannuation Funds of Australia (ASFA) conference on Thursday, Australian Securities and Investments Commission (ASIC) commissioner, Danielle Press said ASIC and the Australian Prudential Regulation Authority (APRA) would work together on a case-by-case basis on gaps and common interest areas.

“We will look at the issues and say ‘who has the best set of tools, the best timing, the most information to tackle the issue today?’.

“We are looking to do a ‘why not share?’ program where we are looking to collect data so that we can reduce the burden on super funds. There’s nothing more frustrating than having APRA ask you for data one day and ASIC ask you for the same data at a different date three weeks later.

“We’ve got to get better at that as regulators.  As the legislation gets passed and as we’re working with our agencies on what the jurisdictions look like and then we will be communicating to funds on how that’s going to work.”

However, Press noted that she was more concerned about gaps in the industry rather than areas of common interest.

“We will look to reduce burdens you have in areas of common interests but I won’t apologise for them because gaps are more dangerous and we saw that through the Royal Commission,” she said.

Press said ASIC was looking to increase surveillance of trustees who were not acting in the best interest of members or treating them unfairly and where there was consumer detriment and harm.

“We are aware that you as players in the industry don’t want increased regulatory burden so we are looking to make sure where there are areas of common interest we are working together but I want to be clear that we are more focused on gaps than the overlaps,” she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

New research has shown that investing in alternative assets and using active management has, to this point, delivered strong results for Australian super funds....

21 hours 24 minutes ago

Australia’s $4 trillion superannuation industry is fundamentally reshaping the nation’s external accounts, setting the stage for a more sustainable current account surplu...

21 hours 27 minutes ago

With concerns that the expansion efforts of fossil fuel giants are still largely unchecked by Australian super funds, Market Forces is urging tougher action....

21 hours 33 minutes ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND