Published: 12 Oct 2022
ISA welcomes the opportunity to comment on the draft regulations supporting the proposed primary legislation on the treatment of faith-based superannuation products under the performance test.
As set out in our submission to Treasury in respect of the draft legislation, ISA strongly supports robust performance testing as an important consumer protection measure that should be consistently applied to all superannuation products covered by the legislation. We also note the lack of policy justification, the risk for consumers, and the significant implementation difficulties with the proposed supplementary testing regime for faith-based products.
This submission was also provided to the Senate Economic Legislation Committee on 12 October to assist with the Committee’s inquiry into the Treasury Laws Amendment (2022 Measures No.3) Bill 2022.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.