Regulators and lawyers have warned super funds they need to get their houses in order before tough new executive accountability laws come into force next year.
Regulators and lawyers have warned superannuation funds they plan to enforce tough new executive accountability laws from the day they take effect next year, but industry players say they are already well advanced in preparing for the new regime. to super funds and insurers in a bid to improve transparency and responsibility at funds when something goes wrong.It comes on growing scrutiny of industry super funds’ directors and executives amid concern the $3.
He predicted regulators would likely focus on “larger type issues” such as unit pricing errors or insurance premium miscalculations when enforcing the regime. “We started our preparation early and have made significant progress with key draft deliverables ahead of receiving regulatory guidance, so we’re confident that we’re well-prepared.”
Rest Super was also well underway in its preparations, even having draft accountability statements for its executives and directors in the works.CEO Vicki Doyle said the new regime, the implementation of which both Rest’s board and executives are across, had helped the fund evolve how it managed its governance.
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