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ASFA warns on costs to industry
The Association of Superannuation Funds of Australia (ASFA) late last month asked the Australian Prudential Regulation Authority (APRA) for an extension of the consultation period surrounding the introduction of superannuation fund league tables.
In a submission to APRA, ASFA claimed that insufficient time had been provided by the regulator for the industry to give truly meaningful responses.
“The one-month consultation period for this issue has been very short given the size and scope of the changes being proposed,” the submission said.
“The superannuation industry has had seven other submissions due during the consultation period,” ASFA said. “This has meant that in general, superannuation funds and services providers have not been able to give this paper the attention it deserves.”
The ASFA submission also suggested that APRA has underestimated the financial impacts on superannuation funds of providing the additional information in light of the regulator’s claim that the “costs to the industry should be minimal”.
“ASFA strongly refutes this statement,” the submission said. “Initial feedback from our members in all superannuation sectors is that they expect that the additional costs of collecting this data will be significant.”
AUTHOR
Mike Taylor
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