RC delay to help super industry to focus on members

The Association of Superannuation Funds of Australia (ASFA) has welcomed the deferral of Royal Commission implementation, having previously advocated for a delay. 

The association said the superannuation industry, in particular, had been heavily involved in the COVID-19 pandemic as a result of the early release of super measures.  

ASFA said in a statement: “Superannuation funds have dedicated their focus towards effectively delivering the vital services their members need at this difficult time. This sensible deferral by Government will ensure funds can continue to focus on supporting the immediate needs of their members. 

“Maintaining the stability of the superannuation system over the course of the pandemic has been paramount, especially while administering over $9 billion in early release of super payments to more than one million Australians.” 

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The implementation of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was deferred last week to allow firms to deal with the economic fall-out of the COVID-19 pandemic. 

Recommendations due in June would be deferred until December while those which had been due in December would be deferred until 30 June, 2021. 

The delay would also allow the Government to assess if the industry’s handling of the pandemic had impacted any Royal Commission recommendations or if anything could be learnt from it, ASFA said.