The financial services industry is supporting the Superannuation Safety Amendment Bill, even though the Australian Securities and Investments Commission (ASIC) has reportedly stomped on any chance of “tweaking” the disclosure requirements.

The Australian Financial Review reported that although ASIC Chairman David Knott has committed to looking into various testing of the proposed changes, he has ruled out any “tweaking” of disclosure requirements. Instead he says the regulator will wait and see how the approach works before making any changes. 

The peak organisation supporting the funds management and life insurance industries, the Investment and Financial Services Association says it has been a long-time supporter of the legislation, which proposes a “sensible and workable” approach.

CEO Richard Gilbert says the super industry’s prudential problems have been “very small” in the past, but “it is important to maintain high standards” when dealing with retirement savings.

“The industry has been actively involved in the development of this legislation with the Treasury,” he said. “We will continue to make a contribution to the regulations being drafted under this Bill.”

The Association of Superannuation Funds of Australia CEO Phillippa Smith has also welcomed the changes, but says a couple of amendments need further work. “One or two of the proposals, and the Australian Prudential Regulation Authority's likely licence fees, need further examination,” she said.