King & Wood Mallesons

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Superannuation discussion paper released addressing regulation, governance, transparency and competition

The Commonwealth assistant treasurer has released a discussion paper entitled Better regulation and governance, enhanced transparency and improved competition in superannuation for public consultation. The paper seeks responses to 31 questions about superannuation trustee boards, choice product dashboards, portfolio holdings disclosure and the default superannuation market.

The paper squarely raises the dilemma that will face the government in its broader Financial System Inquiry — how do you regulate an industry when you’re ideologically and politically bound to deregulation? Superannuation may well be the testing ground and this consultation process will be round one.

The government considers having independent directors on superannuation trustee boards to be ‘a vital step towards strengthening the superannuation system’. (Equal representation boards beware.) To that end, the paper asks a series of questions…

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