Trustee obligations: How to tell the new story to members
A speech by ASIC Commissioner, Greg Tanzer delivered at the Association of Superannuation Funds of Australia (ASFA) Annual Conference 2012, 28 November 2012
The superannuation sector is undergoing major change stemming from regulatory reform, industry consolidation and growth, and changes in investor behaviour. These reforms and other market changes are going to cause trustees to have to tell new stories to their members—about asset allocation, risk, returns and fees—although arguably, these are the stories that members should have been told some time ago.
Today, as well as discussing immediate challenges like bedding down the standard risk measure, or implementing shorter Product Disclosure Statement (PDS) reform, I also want to consider longer term themes that will provide challenges for ASIC and industry over the next decade, including:
growth in super
adopting a longer term perspective more generally for the benefit of members
increased disclosure and transparency
the growth of self-managed superannuation funds (SMSFs).