A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission to the Conference of Major Superannuation Funds, Concurrent Forum #2, Plaza Auditorium, Convention & Exhibition Centre, Cnr Merivale & Glenelg Streets, Southbank, Brisbane on 19 March 2012.
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The conference program has me listed as speaking about ASIC’s three strategic outcomes and how the super industry fits in with these.
It is a major topic and one that over the coming decade has massive implications for ASIC.
Let me explain.
This audience is keenly aware of the growth in Australia’s pool of super funds. It is estimated that super funds under management will rise from $1.3 trillion to nearly $3 trillion over the next decade and then $5 trillion the next decade.
Compulsory contributions may increase to 12%, and with this increase will come greater community expectations for stronger protection and resilience in the financial system.
At the same time ASIC will need to regulate and facilitate an environment where an increasing proportion of consumers are in or transitioning to their retirement phase.