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Shifting from overregulation to smarter regulation in superannuation

Shifting from overregulation to smarter regulation in superannuation

July 16, 2014 12:40 PM | Posted by Maged Girgis | Print this page

Superannuation was unsurprisingly a significant focus in yesterday' s interim Financial System Inquiry report. With superannuation assets at over $1.8 trillion, and with every working Australian feeling the impact, it's no wonder the sector has received so much attention.

Importantly, the Inquiry questioned the role that both overregulation and inefficient regulation play in increasing the costs of superannuation. This is a significant question for not only those in the industry, but also the members who ultimately absorb the costs.

The Inquiry asked for submissions on whether there is a strong case for change in the regulatory environment, and I believe there is. A strong regulatory framework is important, however we welcome the call to look at efficiencies within the regulatory framework to shift the focus from overregulation to smarter regulation.

The next step will be to consider how best to achieve this. This is something that we will be giving some thought to as we develop our next submission to the Inquiry.

What do you think? How can the superannuation industry balance effective regulation and efficiency?

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