Industry Super Australia (ISA) appreciates the opportunity to provide comment on the proposed amendments to the approved form for the application for authority to offer a MySuper product and associated instruction guide (MySuper form).
ISA appreciates the need for the MySuper application form to be amended to reflect the additional covenants which commenced on 5 April 2019.
However, ISA is concerned that the release of the revised draft MySuper application form and instruction guide pre-empt the release of Regulations which, amongst other things, are expected to set benchmarks which determine whether the financial interests of the beneficiaries are being promoted by the RSE licensee. It is therefore difficult to see how APRA can assess how an applicant for a MySuper authorisation will meet the new member outcomes covenants without the benefit of the underlying Regulations.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.