The Financial Services Council (FSC) has welcomed the registration of regulations finalising the government’s move to “staple” workers to one single superannuation account, a measure that is aimed at protecting Australians from having to pay unnecessary fees and group insurance premiums.

Last week the government announced its Your Future, Your Super reforms have been finalised, following the passage of the bill in parliament in June.

The regulations prescribe the definition of a “stapled fund”, including tiebreaker rules for determining which fund is to be an employee’s stapled fund where they have multiple existing funds.

The stapling measure is a recommendation from the Hayne royal commission’s final report in 2019 to the government.

FSC CEO Sally Loane says the peak body’s analysis shows the stapling measure will save consumers up to $1.8 billion in fees in the first three years.

“The focus of the Your Future, Your Super reforms is to lower superannuation fees,” Ms Loane said.

“The stapling reform and inclusion of fees in the performance assessment will ensure that superannuation funds not only have to lower their fees to attract new members but keep their fees low to pass the yearly assessments.”

The government says the super reforms are the most significant since the introduction of compulsory superannuation in 1992.