The Australian Productivity Commission’s (PC) retirement system report has laid out a plan to improve the country’s current regulatory model.
The conduct regulation arrangements between Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have “inevitably” resulted in poor accountability between the bodies.
In the final report into the efficiency and competitiveness of the superannuation system states, APRA was lambasted for failing to require meaningful data from the super funds it regulates, while both regulators were walloped for not cracking down on recalcitrant funds faster.
To read the PC recommendations and for more information here.
