Super peak body ASFAhas announced anexpansion ofits regulatory change and implementation service, ASFAInPractice(AIP).
Therevampedservicewillbetter help funds, administrators, and otherservice providers managemajorregulatorytransformations– likethe one currentlyunderway withPayday Super–fromtheearly stagesofpolicymaking through topractical implementation.Its outputs, includingimplementation playbooks, guidance notes and standardswill be available to the whole sector, regardless of ASFAmembership.
“ASFA hasspotteda missing pieceinhowfunds and service providerswork through the complex and costly work of implementing regulatory change.AIPwillcomplete thesector’spolicy-to-practice puzzle,” saidASFACEO Mary Delahunty.
“AIPhaslong supported important work likeSuperStream,theDivision296 tax regulationsand Payday Super. Butthe message from funds and administrators is clear:moresupportis neededthrough the regulatorychangelifecycle,and that is whywe’reinvestingmore in AIPover the coming year.”
From July, access to ASFAInPractice’sco-design working groups will be available to allASFAmemberfundsas part oftheirmembership, in a change from thepreviousopt-inmodel.
“By opening AIP to allmemberfunds, we are extending the benefit ofco-designingimplementation work, reducing cost and duplication for funds and ultimately improving outcomes for every single member of an APRA-regulated super fund,”Ms Delahunty said.
Working groups bring togetheranon-competitivecommunityofpractitioners across funds, administrators and service providers to co-design solutions and standardise approaches to regulatory compliance.Working groupmembershave access todedicated engagement channels with regulators including the ATO and APRA.Where needed, theycan escalate implementation matters to regulators to seek clarity and shape effective transitional arrangements, as has occurred with Payday Super.
AIP willproducepractical artefacts including implementation playbooks, guidance notes and standards designed to be adopted and adapted by member organisations.These will be availablefor use bythe whole sector, regardless of ASFA membership.
“Regulatory change does not finish when legislationor guidance is published.That’swhere the most complex and costly work begins.
“We’re excited to be able to support the super system withthe full policy-to-practice lifecycle,to deliver more value for our member funds and service providers and ultimately, morevalue for super fund members,” MsDelahunty said.
For further information, please contact:
Scott Roberts
ר MediaLead
mediaunit@superannuation.asn.au
About the Association of Superannuation Funds of Australia (ASFA)
ר is the peak policy, research and advocacy body for Australia’s superannuation industry, and the only industry body thatrepresentsall parts of the APRA-regulated system.
Our more than 100 members include retail, industry, corporate and public sectorfundsand their service providers. For over sixty years, ASFA has been the voice of super, advocating for a dignified retirement for all Australians. Through research, advocacy and collaboration, ASFA promotes efficiency,sustainabilityand trust in Australia’s world-class retirement income system.