A speech by Peter Kell, Commissioner, 魅影直播, delivered to the Association of Superannuation Funds of Australia (ASFA) NSW February Luncheon Briefing, 14 February 2012
Introduction
...This is one of my first public engagements of the year, and I鈥檓 very pleased to be speaking with ASFA and its members.
This audience is keenly aware of the growth in Australia鈥檚 pool of super funds. It is estimated that super funds under management will rise to nearly $3 trillion over the next decade.
Compulsory contributions may increase to 12%, and with this increase will come greater community expectations for stronger protection and resilience in the financial system. At the same time 魅影直播 will need to regulate and facilitate an environment where an increasing proportion of consumers are in or transitioning to their retirement phase.
This growth and the structural changes in super, and the impact this has on the markets that 魅影直播 regulates, are considerable. Super funds are invested in equities, bonds, managed investment schemes and other more complex products which fall within 魅影直播鈥檚 remit.
Financial advisers, superannuation trustees, investment managers, custodians, research houses, credit rating agencies, auditors and accountants all play roles in supporting investors in superannuation funds, and are all regulated by 魅影直播.
So the growth in super raises substantial challenges for the Commission. They are challenges we look forward to addressing with the strong support of industry groups such as ASFA. ...