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Money Management is the most read, most valued and most trusted independent leading website and fortnightly magazine for the retail financial services industry. Our daily e-news is backed by a breaking news service which delivers critical news as it happens.

ContentAs a B2B publication our readership is vitally interested in content from our sponsors. Money Management offers clear channels to develop and distribute multi-media on message, on target and on budget across print, digital, video, social media and events.

editorial Coverage in print and digitalMoney Management provides essential news coverage across the entire scope of Australian financial services. From tax, insurance, investment, superannuation, margin lending through to regulatory and industry body news. In addition, Money Management regularly publishes in depth features on the subjects driving the market.

eventsMoney Management runs key industry events including the Fund Manager of the Year Awards, Super Fund of the Year Awards, Women in Financial Services Awards and Women’s Wealth, along with bespoke sponsor-driven opportunities such as Roundtables, Webinars and Wealth Connect which engage with the market.

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Events Calendar 2016

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Money Management & Super Review Breakfast - Economic Outlook for International Equities

Sydney 25-Feb Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Super Review Superannuation Connect Event Melbourne 20-Apr Institutional - Chief Investments Officers, CEO, Super Fund Trustees, Industry Consultants

Money Management Fund Manager of the Year Awards Sydney 26-May Retail - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Superannuation & Wealth Management Event - Policy, Regulations and Reform Sydney 26-May Institutional - Chief Investments Officers, CEO, Super Fund Trustees, Industry Consultants

Womens Future Wealth Melbourne 31-May Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Platforms & Wraps Conference Central Coast

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Super Review Super Fund of the Year Awards Melbourne 11-Aug Institutional - Chief Investments Officers, CEO, Super Fund Trustees, Industry Consultants

Financial Services Breakfast (topic TBA) Sydney 30-Aug Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Money Management Connect Event - Asset Allocation Sydney September Retail - Owner, CEO, Managing Director, Head of Research, Dealer Group Head, Senior Planner, Planner, IFAs

Womens Future Wealth Sydney 8-Sep Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Womens Future Wealth Brisbane October Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Money Management & Super Review Women in Financial Services Awards Sydney 20-Oct Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

Money Management Adviser Choice Risk Awards Sydney November Retail & Institutional - CEO, CIO, Managing Director, Head of Research, Senior Planner, Planner, Asset Manager, Portfolio Manager, Analyst, Product Manager, Marketing

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editoriAl coverAgeSuper Review delivers essential in-depth research and analysis of the Super industry including investment trends, performance, technology, administration and custody. Our renowned editorial sources are the go-to figures when it comes to understanding the dynamic superannuation environment.

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DO SUPER FUNDS BECOME BANKS? | PAGE 9

REVAMPING THE SUPER SYSTEM | PAGE 11

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CAN YOU BANK ON

SUPER? When co-dependents compete

ROUNDTABLE

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Super Review is the leading monthly news and issues publication for Australia’s superannuation and institutional investment industry . The magazine and twice weekly e-news are circulated to super fund trustees, fund executives, asset consultants, custodians, administrators, fund managers and financial planners.

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policy outlook – An overview of the policy changes being contemplated by the Government and the industry through 2016.

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CMSFedition – Preview of the conference and the issues under discussion.group insurance – Who is winning the mandates and what is changing the industry.

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financial planning – Financial planning has become an integral service offering in superannuation, how does it look in the current environment and where does robo adivce fit in.Administration – The number of market participants has reduced and the rules have changed. Super Review looks at what has changed in the market and why.

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SuperFundoftheYearalternative investments – Alternative investments have proved a crucial balancing elements in allocations. Super Review looks at their continuing importance.

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Self-ManagedSuperannuationFunds – Super Review looks at the rise and rise of SMSFs and how they are being treated by the broader industry/where they stand ASFAedition - Regulation – What are the key regulatory issues likely to impact those attending the ASFA conference.

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MT: Gerry, you talk about the additional muscle that has been given to APRA, but on the avail-able evidence, they haven’t really exerted any of the particular muscle they have to date. Some people might talk about the Trio collapse and what happened there, and suggest that APRA may have actually exercised more of its regulatory power than it did. Do you really think APRA is a body equipped and willing to use that additional power?

GN: Well, we’re providing a substan-tial tranche of monies to ensure they are well employed. I look back over a period of a couple of decades of what we have done, and there is $1.2 tril-lion or $1.3 or $1.4 trillion, depending on what day you are talking about, of monies in the system.

And other than … you can name them on one hand, Storm, Trio … there’s actually a quite limited number of malfeasances or collapses within a system that’s been going for three decades nearly, and has amassed the fourth largest pool of pension capital in the world.

There’s a lot of money there, you’d expect things to have gone wrong at some stage.

It does tell me that we’ve actually been pretty well regulated, the regu-lator themselves have got the kind of a balance pretty right. Look, they might have been a bit out to lunch on some of the issues that you mentioned, but generally speaking they have been a pretty good regulator.

These [new] prudential standards are quite significantly changed from that which they’ve had in the past; it’s been much more a sort of a self-regulatory structure. So it’ll be interesting just to see how we deal with that.

MT: Alex, you’ve actually had an experience in regulator-land, what’s your take on the additional powers going to APRA?

AH: I think Mike, you’re seeing a harmonisation between APRA’s view. A lot of the superannuation standards are similar to what ADIs [Authorised Deposit-taking Institutions] have now, so it’s almost a reflection on how the diversified institution teams run

their surveillance of ADIs. So there is some degree of cooperation between those modes of operation.

I agree that if you really look at the regulators as a whole, they’ve done quite well. The biggest challenge I think they have – and maybe the Trio example is that, without being too topical – is that regulators need to have market intelligence and respond to what happens in the marketplace, and for any enforcement organisation or prudential regulator, however you want to term it, that’s quite difficult.

I think in relation to the powers, it’s an interesting point to note that ASIC [Australian Securities and Investments Commission] is built

more as a pure enforcement agency with more of a hard edge, whereas APRA is truly a prudential regulator that, without being too controversial, doesn’t necessarily have a lot of corporate experience in prosecutions, whereas ASIC does.

So I think it’ll be interesting to see what happens with those prudential powers. But I think, you know, you’re never going to win as a regulator, something’s always going to happen, and the issue they have is really trying to stay up to date with what’s happening in the industry.

MT: Andrew, you’ve got to deal with these matters for the FSC [Financial

12 SuperReview NOVEMBER 2012 www.superreview.com.au

“You’re never going to win as a regulator, something’s always going to happen, and the issue they have is really trying to stay up to date with what’s happening in the industry.”

– Alex Hutchison

What do industry leaders think about the big issues?

WILL REGULATORS USE THEIR EXTRA MUSCLE?

> Continued from page 10

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Services Council], what’s your take on the additional powers, and how they might be used?

AB: I think APRA’s been an effec-tive prudential regulator who has focussed on governance and financial institutions, that’s its mandate. Now it’s changing into more a sort of product-focussed regulator almost, actually approving MySuper options and whatnot.

The powers that they’ll get out from the super reforms will give them the

look-through capacity – which some may say in the Trio case they didn’t have – to actually see where funds, ultimately funds of funds, were invested in different jurisdictions.

They will have that power, so presumably that will arm them with the capacity to ensure there are no Trio repeats.

MT: Russell?

RM: I’ve always been a supporter of APRA. I think they’ve done a good job,

they’re a regulator that’s always been willing to talk to the industry, whichever side, they’ve been willing to listen, and what a lot don’t see is what APRA quietly achieves behind the scenes.

There are many cases of other funds that could have easily gone off the rails without APRA stepping in, and exer-cising its influence. So, I think it was said earlier, we talk about Storm and Trio, but considering the vast number of funds and the amount of money in the system, I think APRA’s done a great job.

As I’ve said, there have been other issues that have come up that APRA have chosen not to be public about, but have resolved a problem ultimately in the best interest of the members of those funds.

MT: Frank, have you got a view of that?

FC: From our point of view as a life insurer, we’ve been regulated by APRA for some time; we’ve followed that model. The governance that we have in place, through the CBA, but also through that regulatory environment, is very strong, and quite comprehensive.

We’ve been able to leverage off that governance and assist our existing clients in terms of how we’ve looked at the draft prudential standards and transformed that into a template for them to use for their own governance, in terms of meeting the prudential standards.

So we’ve leveraged off our experi-ence across that, and seen how we can provide that to the funds, and given them value. Again we’ve done that through the draft template that we’ve provided funds.

MT: And Tim?

TB: I think we shouldn’t forget there’s another regulator that’s increased its powers – the ATO. They’ve got greater powers in the data standard Super-Stream space, penalty ability, to levy penalties on funds and employers, and also as Gerard mentioned, they’ve got a greater data collection power as well, they’re going to use that.

I think the test for me in this space – with the ATO increasing in powers and APRA’s increasing powers – is how they’re going to work together. I think there’ll be a greater need for this, and success will be defined on how those regulators actually work together in a coordinated fashion across the super space, and how they share that infor-mation and use that power for obviously the benefit, and not to double up and trip over themselves.

AH: That’s probably a good point, because when ASIC took over the ACCC’s [Australian Competition and Consumer Commission’s] powers with respect to false and misleading conduct, there was a MOU [memo-randum of understanding] signed between ASIC and the ACCC.

Effectively, right now, what you’re going to have with these changes is the potential for the regulators to regulate the same area with respect to product. So perhaps maybe one approach, that was quite successful, is for ASIC and APRA to maybe enter into an MOU, loathe as I am to give the regulators any advice as I sit here today, but I thought that was something that worked quite success-fully with the ACCC – so maybe that’s something, for all I know, they’re probably negotiating right now.

Continued on page 14 >

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In 2012, CommInsure paid more than $702 million in genuine claims to more than 10,000 customers and their families. Of that, Wholesale Life alone paid out more than $411 million.

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MT: Well, Jocelyn, you’re a regulator of – not in the pure sense of ...

JC: Of sorts.

MT: Of ASIC and APRA. But out of Wallis came AFSL and we have twin peaks, we have ASIC and APRA as the twin regulators. But twin peaks has actually become tri peaks because the ATO is now in there as a regulator with respect to superannuation.

I know that in the fi rst six months of this year there was some argy-bargy between the regulators, they were all sort of having a bit of a play in each other’s jurisdiction in one way or another. Looked at objectively, does the regu-latory environment, do you believe, need to be reviewed? Do you think it’s grown beyond what could be regarded as working?

JC: Thanks so much for that question Mike. I think in contemplating a response to that it’s very relevant that a third of superannuation is in self-managed super funds now, and that means that the Tax Offi ce is a regulator of a third of the super-annuation industry.

I think that needs to be taken into account in looking at how the industry is actually regulated. I think that the Government will do ‘Son of Wallis’ because of the risks associated with a third of its retirement incomes policy being in self-managed superannuation funds and a bit out of its control.

The fact that there’s a Senate inquiry into ASIC at the moment and that covers things as wide-ranging as ASIC’s governance and various other things means that there is some disquiet in the community about what ASIC, as a regulator, is.

About whether they are supposed to prevent the accident; whether they’re supposed to be the fi rst on the scene; or whether they’re the ambulance chaser; or whether they learn from the experience and implement regulatory reform. That means that the accident doesn’t happen again. I think that there’s confusion about where ASIC falls in that spectrum of responses to a self-regulated market.

I think one of the interesting things about ASIC is that their vision of confi dent, informed inves-tors sits uneasily with me when we’re dealing with superannuation fund members who are compul-sorily in a system that they don’t understand and they are benefi ciaries and they can’t get out of it.

No amount of engagement or information for them actually makes any difference because they’re stuck in the system and their income’s going to be diverted into superannuation whether they like it or not.

I think that the regulation of superannuation – bearing in mind who’s in it and coming back to what Steve said – is that at the end of the day it’s all about the members. That could do with some

thinking about as well. Whether we should have one, two, three, six, seven regulators I don’t know, but I do know we need a really good independent Superannuation Complaints Tribunal because that adds to confi dence in the system.

Obviously the role of the tribunal is to infl u-ence behaviours that drive confi dence for superan-nuation fund members, and the regulators do that as well. That’s a very long-winded way of saying I don’t really want to answer your question, Mike.

MT: But you did fabulously well doing that. Peter Rowe, as someone who from time to time, in fact every year, has to pay a levy to those wonderful regulators to do their job, are you getting value for money?

PR: I got into trouble...

JF: From me you are.

PR: Yeah, we get very good value from the SCT, thank you. Look, a few years ago I got into trouble when I was talking to APRA and I did point out to them that if they were a service provider we wouldn’t be paying the fees we pay to them because we’re not getting the value. I did upset them. I can’t imagine why.

But I see the need for stronger regulation in the industry. It’s essential to make sure we have safety and security.

However there needs to be perhaps a bit more transparency around what the levy is going to. I

fi nd it interesting that in an environment where a number of funds are getting smaller and smaller the levies going up higher and higher. And we’ve also had to pay the SuperStream levy which, okay, fl ows through to the Tax Offi ce, but we’re spending probably an equivalent amount of money across the industry adapting our own systems for it and yet we’re footing the bill for them as well.

So I do have concerns about the quantity of the levies, and I think going forward that should come under scrutiny as part of the review as well, and say ‘we’re paying what levies and what are they being used for?’

MT: Steve Schubert? I mean Mercer wouldn’t pay a substantial levy?

SS: Not much on an $18 billion master trust. Look, I think the levies is a bit of a red herring though because in the end the levies are really a tax on us as individual members because.

Basically the Government’s saying ,’We can pass off the cost of this government department or agency onto individual tax payers. We can’t just add a Medicare surcharge like we would like to do, but we’ll fi nd another way of doing it so we’ll levy the super funds and then the super funds have to charge the members and that kind of obscures it a bit”.

But it’s just another form of tax to recover the costs of government expenditure. APRA’s just another form of government expenditure. The key thing is, does having the current twin peaks

28 SuperReview NOVEMBER 2013 | www.superreview.com.au

Too many regulators?

POST-ELECTION PRIORITIES

Peter Rowe, Tom Garcia, Jocelyn Furlan, Frank Crapis, Steve Schubert.

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MT: Well, Jocelyn, you’re a regulator of – not in the pure sense of ...

JC: Of sorts.

MT: Of ASIC and APRA. But out of Wallis came AFSL and we have twin peaks, we have ASIC and APRA as the twin regulators. But twin peaks has actually become tri peaks because the ATO is now in there as a regulator with respect to superannuation.

I know that in the fi rst six months of this year there was some argy-bargy between the regulators, they were all sort of having a bit of a play in each other’s jurisdiction in one way or another. Looked at objectively, does the regu-latory environment, do you believe, need to be reviewed? Do you think it’s grown beyond what could be regarded as working?

JC: Thanks so much for that question Mike. I think in contemplating a response to that it’s very relevant that a third of superannuation is in self-managed super funds now, and that means that the Tax Offi ce is a regulator of a third of the super-annuation industry.

I think that needs to be taken into account in looking at how the industry is actually regulated. I think that the Government will do ‘Son of Wallis’ because of the risks associated with a third of its retirement incomes policy being in self-managed superannuation funds and a bit out of its control.

The fact that there’s a Senate inquiry into ASIC at the moment and that covers things as wide-ranging as ASIC’s governance and various other things means that there is some disquiet in the community about what ASIC, as a regulator, is.

About whether they are supposed to prevent the accident; whether they’re supposed to be the fi rst on the scene; or whether they’re the ambulance chaser; or whether they learn from the experience and implement regulatory reform. That means that the accident doesn’t happen again. I think that there’s confusion about where ASIC falls in that spectrum of responses to a self-regulated market.

I think one of the interesting things about ASIC is that their vision of confi dent, informed inves-tors sits uneasily with me when we’re dealing with superannuation fund members who are compul-sorily in a system that they don’t understand and they are benefi ciaries and they can’t get out of it.

No amount of engagement or information for them actually makes any difference because they’re stuck in the system and their income’s going to be diverted into superannuation whether they like it or not.

I think that the regulation of superannuation – bearing in mind who’s in it and coming back to what Steve said – is that at the end of the day it’s all about the members. That could do with some

thinking about as well. Whether we should have one, two, three, six, seven regulators I don’t know, but I do know we need a really good independent Superannuation Complaints Tribunal because that adds to confi dence in the system.

Obviously the role of the tribunal is to infl u-ence behaviours that drive confi dence for superan-nuation fund members, and the regulators do that as well. That’s a very long-winded way of saying I don’t really want to answer your question, Mike.

MT: But you did fabulously well doing that. Peter Rowe, as someone who from time to time, in fact every year, has to pay a levy to those wonderful regulators to do their job, are you getting value for money?

PR: I got into trouble...

JF: From me you are.

PR: Yeah, we get very good value from the SCT, thank you. Look, a few years ago I got into trouble when I was talking to APRA and I did point out to them that if they were a service provider we wouldn’t be paying the fees we pay to them because we’re not getting the value. I did upset them. I can’t imagine why.

But I see the need for stronger regulation in the industry. It’s essential to make sure we have safety and security.

However there needs to be perhaps a bit more transparency around what the levy is going to. I

fi nd it interesting that in an environment where a number of funds are getting smaller and smaller the levies going up higher and higher. And we’ve also had to pay the SuperStream levy which, okay, fl ows through to the Tax Offi ce, but we’re spending probably an equivalent amount of money across the industry adapting our own systems for it and yet we’re footing the bill for them as well.

So I do have concerns about the quantity of the levies, and I think going forward that should come under scrutiny as part of the review as well, and say ‘we’re paying what levies and what are they being used for?’

MT: Steve Schubert? I mean Mercer wouldn’t pay a substantial levy?

SS: Not much on an $18 billion master trust. Look, I think the levies is a bit of a red herring though because in the end the levies are really a tax on us as individual members because.

Basically the Government’s saying ,’We can pass off the cost of this government department or agency onto individual tax payers. We can’t just add a Medicare surcharge like we would like to do, but we’ll fi nd another way of doing it so we’ll levy the super funds and then the super funds have to charge the members and that kind of obscures it a bit”.

But it’s just another form of tax to recover the costs of government expenditure. APRA’s just another form of government expenditure. The key thing is, does having the current twin peaks

28 SuperReview NOVEMBER 2013 | www.superreview.com.au

Too many regulators?

POST-ELECTION PRIORITIES

Peter Rowe, Tom Garcia, Jocelyn Furlan, Frank Crapis, Steve Schubert.

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