FINSIA’s response considers the ‘key functions’ set out in the draft Regulator Rules as part of the materials concerning the proposed Financial Accountability Regime, released by APRA and ASIC on 20 July 2023 (and further explained in the accompanying materials).

FINSIA believes there are practical benefits of legislating an objective for the superannuation system including providing certainty for individuals when saving for their retirement and improving the direction to trustees in respect of their duties in governing superannuation funds. FINSIA supports an objective that includes a purpose around equity. This will help ensure that further changes to the superannuation (and retirement income) system will support disadvantaged and less represented groups to maximise their superannuation (or retirement income) benefits.