Single super regulator by 2030
The superannuation industry may be regulated by one single entity – the Australian Managed Fund Authority (AMFA) – by 2030, according to Challenger.
Speaking at the SMSF Association National Conference on the Gold Coast on Wednesday, Challenger chair for retirement income, Jeremy Cooper, told a panel that a new managed fund regulator could replace the Australian Prudential Regulation Authority (APRA).
The AMFA would take the non-taxation business from the Australian Taxation Office, and take managed funds away from the Australian Securities and Investments Commission (ASIC)
"You'll have a huge body of expertise around managing people's money," Cooper said.
“Most of the dollars in the super system is in managed fund land or self-managed super fund (SMSF) land and not in a separate super sector which is a very odd regulatory structure. It’s a big call to make and it will happen by 2030.
“That organisation will take APRA’s heatmaps and applies that to this sector so that it has sensible things to measure itself against, instead of comparing MySuper to SMSFs which is just completely wrong.”
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2030???
He's being conservative!!!
Joe Hockey as Shadow Treasurer was talking this way back in 2011 or 2012 but didn't quite have the justification for reform.
Further, there is a draft Exposure Bill implementing a Royal Commission recommendation for a regulator to regulate the regulators.
When a Royal Commission and the Government identify the regulators aren't up for it and have to have another regulator to make sure that they do then there are problems. Further, can anybody really imagine that APRA and ASIC are going to play nicely together????
More likely, after the initial "love in" they'll be after each others turf.
Then we have to add onto APRA, ASIC, and their proposed regulator, FRAA, the TPB, FASEA, and the ATO. I'm sure there are others and imagine all the "Sir Humphrey's" fighting to preserve and expand their empires!!!!
Bound for disaster and we know have the justification for change.