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ASFA supports legislative change
The Association of Superannuation Funds of Australia (ASFA) has supported a strengthening of some of the key legislation covering the running of superannuation funds, even though it has the potential to reduce some personal liberties.
In a submission to the Treasury on the proposed Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill, ASFA has sought some clarity and refinement to the draft legislation but has broadly supported its strengthening of the rules, even those being extended to close off a loophole identified as a result of the Australian Securities and Investments Commission’s failed prosecution of former OneTel director Jodie Rich.
The ASFA submission said it would not oppose legislative changes aimed at overcoming the potential impact of the High Court’s decision on Rich, which went to the issue of protection from self-incrimination.
It said it noted concerns about the potential reduction in personal liberties that would flow from such changes but added “in this instance, ASFA considers that there are competing consumer and other important matters that must be taken into account".
“ASFA considers that, in this specific circumstance, a slight reduction in personal rights that is encompassed in (the new legislation) is more than outweighed by the rights of superannuation members to have confidence in the trustees, investment managers, custodians and responsible officers entrusted with looking after their superannuation,” it said.
The ASFA submission also argued against legislative changes capable of allowing accounting records to be kept outside of Australia.
It said it was concerned that any benefit flowing to members from having records kept outside of Australia might be outweighed by the increased financial and prudential risk, increased costs of access to the records by all parties and, potentially, a decrease in the quality of record keeping.
AUTHOR
Mike Taylor
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