Superannuation industry reviewed

The Parliamentary Joint Committee on Corporations and Financial Services has delivered its Report on The structure and operation of the superannuation industry (pdf).

In the 266 page report, the committee made 23 specific recommendations including:

  • that Treasury conduct a review of the laws and regulations governing superannuation to identify how they may be rationalised and simplified.
  • Treasury examine and report to government on the issue of overlapping, inconsistent and conflicting requirements of superannuation funds from a number of regulators.
  • exit fees that exceed the administrative cost of transfer should be prohibited prospectively.
  • ASIC consult further with superannuation funds on the provision of online calculators. Following this process ASIC should provide additional regulatory relief that will better enable funds, without undermining consumer protection imperatives, to use the generic calculator exemption to provide benefit projections for their members.
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