The regulatory burden on funds and providers continues to grow, demanding more resource and forcing standards upwards. The super industry has to contend with many legislative requirements, not only the Superannuation Industry (Supervision) Act (SIS) and the Corporations Act but also Superannuation Guarantee, Privacy, Anti-Money Laundering etc. The industry has two primary regulators, APRA and ASIC, and a long list of requirements from each which often overlap. The need for a co-ordinated approach is crucial.

Developing and maintaining the necessary framework is time consuming. However it will be the funds and providers that embrace compliance as a driver of business excellence that are likely to succeed.

This is why working with a specialist like Deloitte makes sense. Our specialists have the skills and experience to support clients in meeting all their regulatory requirements, including both Australian Financial Services (AFS) licences and Registrable Superannuation Entity (RSE) licences. We also have a close working relationship with the Australian Taxation Office (ATO) and can help funds with their tax compliance. In fact, we draw on virtually all of our competencies in producing solutions for our clients.

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Managing risk in super - clearing the hurdles
The new APRA licensing regime for superannuation funds which was created out of the Safety in Super initaitive, is now starting to bite. The regulator is encouraging funs to licence sooner rather than later.