Senate Economics Legislation Committee inquiry into the ‘Your Future, Your Super’ Bill: Opening statement
Opening statement by ASIC Chair James Shipton at the Senate Economics Legislation Committee Inquiry into the Treasury Laws Amendment (Your Your Future, Your Super) Bill 2021, 7 April 2021, Parliament House, Canberra.
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Good afternoon. I would like to thank the Committee for the opportunity to appear today, together with our APRA colleagues.
On 1 January 2021, legislative reforms that expand ASIC’s role in superannuation commenced. The reforms enable ASIC to play a more effective role in regulating conduct of superannuation trustees, without detracting from APRA’s critical role as prudential regulator for superannuation.
ASIC’s work on the Your Future, Your Super package to date has been informed by our mandate under the Superannuation Industry (Supervision) Act. This includes consumer protection, market integrity, disclosure and record keeping.
ASIC will continue to address conduct of concern, including working together with APRA as appropriate, with ASIC’s particular focus being poor conduct affecting outcomes for consumers.
ASIC supports measures that promote efficiency, fairness and transparency in the superannuation system for the benefit of consumers. Consumer harms associated with unintended multiple accounts and poor performance were called out by the Productivity Commission in its report into superannuation efficiency and effectiveness in 2018. Since this report there have been changes to the regulatory framework for superannuation as well as action by the regulators to address these issues.
Our role under the Your Future, Your Super Bill is best described under each of its four elements. These are set out in ASIC’s submission to the Committee. Where ASIC has a role under the Bill, it is generally as co-regulator with APRA so it is particularly apt that we appear together today.
Thank you again for the chance to appear at this hearing of the Inquiry. We would be pleased to take the Committee’s questions.