Regulation overload risks innovation in super | the advisory скачать в хорошем качестве

Regulation overload risks innovation in super | the advisory

Superannuation regulation remains front and centre for Australians, according to Maree Pallisco from EY. Pallisco observes that heightened public engagement with superannuation has emerged following high-profile scandals, security breaches, and fund collapses such as First Guardian and Shield. This increased attention is viewed as a positive, bringing the challenges of the industry into mainstream conversation and emphasising the importance of robust systems to protect member funds. Pallisco notes concerns among regulators, including APRA and ASIC, about the rapid growth of large funds, with risk maturity not always advancing at the same pace. She states that key regulatory focus areas include investment governance, cybersecurity, data governance, and operational risk. Pallisco suggests that while robust regulation is essential, the overlapping requirements from multiple regulators can limit industry innovation and efficiency, as funds dedicate significant resources to compliance. Drawing comparisons to the UK, Pallisco highlights that the Australian superannuation system is considered world-class and internationally observed. She indicates that structural changes, such as paying out superannuation monthly in paycheques from June, will benefit the public but require substantial industry preparation. Pallisco calls for a balanced approach to regulation, enabling both robust risk management and space for strategic innovation.