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(December-2003) Industry gets thumbs up for Safety Bill
The Superannuation Safety Amendment Bill, introduced to the Parliament last month, has been generally welcomed by the superannuation industry.
Association of Superannuation Funds of Australia (ASFA) CEO Philippa Smith welcomed the legislation as “sensible and workable”, noting that its a definite improvement on the original draft provided by the Government.
The bill was also welcomed by the Investment and Financial Services Association, with CEO Richard Gilbert saying it represents a balanced approach.
At the time of going to print, the Government was poised to release draft regulations and operating standards to enable the Bill’s implementation. The new legislation will require trustees of super funds regulated by the Australian Prudential Regulation Authority to be licensed, while the funds themselves will need to have risk management plans in place and to meet enhanced reporting requirements.
The new provisions will take effect from July 1, next year, with a two-year transition period being applied to allow the industry sufficient time to get its house in order.
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