• SIAG Key Messages November 2015

    The Superannuation Industry Advisory Group (SIAG) met in Sydney on 30 November 2015 for its final meeting of the year. The meeting was opened by the Chair, ATO Superannuation Deputy Commissioner James O’Halloran.

    Apologies were noted and new members and invited guests were welcomed:

    • Treasury - Jenny Wilkinson and Ian Beckett join the committee from the new Retirement Income Policy Division of Treasury. Jenny is replacing Paul Tilley who will have responsibility for the Industries and Infrastructure Division within Treasury.
    • Alison Lendon, DC Individuals – Alison recently moved into the role of Deputy Commissioner, Individuals and has responsibility for the new Individuals business line. Alison’s role has a focus on the Individual client experience as a whole (end to end) including superannuation elements.
    • Tony Negline from Chartered Accounts Australia and New Zealand. Tony replaces Liz Westover who resigned from CA ANZ early in November.
    • Julia Donohue - facilitator.

    The Chair took the opportunity to thank and acknowledge the contribution of previous members - Liz Westover, Melinda Howes (who has stepped down), Paul Tilley (Treasury) and Deputy Commissioner Alison Lendon. The Chair also congratulated Helen Rowell on her recent appointment as APRA Deputy Chairman.

    Other announcements:

    • Mark Rantall (Financial Planning Association of Australia) advised that he would be stepping down as CEO effective from February 2016 with Dante De Gori stepping into the role.
    • Dr David Knox advised that with the announcement of Melinda Howes stepping down he would be the representative for the Actuaries Institute.

    Minutes of the 12 August 2015 meeting were accepted.

    Agenda topics discussed included:

    APRA - Words from APRA

    APRA Deputy Chairman, Helen Rowell outlined the key policy and supervision related areas of focus for APRA over the next 12 months. It was agreed that consultation and discussion on key aspects would occur in the new year.

    There was a discussion about the priority risks on the horizon and how APRA was planning to address them.

    Treasury Update

    Paul Tilley, Treasury, updated the committee on the newly established Retirement Income Policy Division within Treasury and provided a brief policy update.

    Jenny Wilkinson will be the new Division Head and Ian Beckett the principal advisor. The new Division will provide a financial policy lens and merge all tax, regulatory and age pension responsibilities.

    • There was general discussion about Treasurer Morrison’s address to the Association of Superannuation Funds of Australia (ASFA) conference in Brisbane on Friday 27 November. The Treasurer outlined in his speech the Government’s priorities and focus around Superannuation for the next 12 months.
    • Work is continuing on implementing the government’s response to the Financial System Inquiry, including plans for consultation and draft legislation in 2016.
    • There was discussion about the Tax White Paper process.
    • The Retirement Income Stream review has been finalised, however the Government response will not be released until the new year.

    Consultation Committee Updates and Hot Topics

    Consultation updates were provided by Ged Fitzpatrick ASIC, Emma Tobias ATO and Philip Hind ATO.

    Emma Tobias, ATO gave a brief update on the consultation paper that was tabled at the meeting, including the Technical Issues Superannuation Industry Relationship Network (SIRN), SG compliance SIRN and the Client Experience future experience workshops.

    Philip Hind, ATO gave a brief update on the SuperStream Reference Group (SSRG) and Gateway Governance:

    • 100% APRA fund compliance by June 2015
    • SuperStream contribution transaction volumes continue to increase steadily
    • Over 4.4m message transactions processed in the last four weeks (to 1 Nov)
    • Increasing employer compliance
    • Gateway network – a self-regulating, self-funding body will be established by July 2016

    Ged Fitzpatrick, ASIC addressed the committee around fees and costs disclosure guidance

    • ASIC have released regulatory guidance
    • ASIC are keen for industry to develop standards and are happy to work with them

    Strategic discussion: Partnering in the super system

    Julia Donohue of Hoffman Donohue Pty Ltd was engaged to facilitate this session.

    The topic for discussion was ‘Partnering in the super system’.

    The purpose of the session was for the group to discuss the SIAG’s role and what opportunities could lead to a forward program of strategic conversations for 2016.

    The group agreed the:

    • committee was valuable, agile and well structured
    • external environment is what has and will continue to drive the group’s agenda
    • committee is unique as it is the only forum where Industry and the regulators can meet on neutral ground at the one table
    • forum is a trusted group who are focussed on the common goal ‘to have the super system working better’
    • Superannuation Industry Relationship Network (SIRN) was a good vehicle for commissioning work to

    Areas to consider:

    • more regular meetings but for shorter periods of time
    • shared ownership and co-chairing
    • membership and representation (what level, i.e. CEO or operational)
    • Industry bringing to the table their views on key areas of focus (2 members nominated each meeting by the ATO)
    • the process for bringing items to the table for discussion, including
    • pre meeting phone hook-ups to shape agenda

    Refer to action items for next steps

    Other business

    Chair, James O’Halloran thanked members for their contribution to the discussion.

    Next Meeting

    Date to be determined for March 2016.

    Action Items

    Action Item 20151130-1

    The Chair to test with members who were able to attend the meeting regarding the group's role and what opportunities could lead to a forward program of strategic conversations for 2016.

    Action Item 20151130-2

    The committee secretariat to arrange a phone hook-up in late January 2016 with committee members to determine topics for discussion for the March 2016 meeting.

    Action Item 20151130-3

    With a commitment to refresh the committee's membership for 2016, the Chair will reassess the representation early in the new year for further discussion at the March 2016 meeting.

    Attendees

    Australian Taxation Office

     

     

    James O’Halloran, Deputy Commissioner, Superannuation (Chair)

    Alison Lendon, Deputy Commissioner Individuals

    Philip Hind, National Program Manager, Superannuation

    Emma Tobias, Assistant Commissioner, Superannuation

    John Shepherd, Assistant Commissioner, Superannuation

    Nicole Dykstra, Assistant Commissioner, Superannuation

    Sarah Kimmorley, Senior Director, Superannuation

    Catherine Barrett and Tammie Turner (Secretariat)

    Guest facilitator

    Julia Donohue

    Treasury

    Paul Tilley

    Jenny Wilkinson

    Ian Beckett

    Australian Prudential Regulation Authority (APRA)

    Helen Rowell

    Carolyn Morris

    Australian Securities & Investment Commission (ASIC)

    Ged Fitzpatrick

    Australian Chamber of Commerce and Industry (ACCI)

    Dick Grozier

    Australian Institute of Superannuation Trustees (AIST)

    Tom Garcia

    CPA Australia

    Paul Drum

    Chartered Accountants Australia (CA ANZ)

    Tony Negline

    Financial Planning Association of Australia (FPA)

    Mark Rantall

    Law Council of Australia

    Heather Gray

    Mercer

    David Knox

    Apologies

    The SMSF Association

    Andrea Slattery

    Industry Super Australia (ISA)

    David Whiteley and Elsa Goodwin

    Australian Bankers' Association (ABA)

    Dianne Tate and Christine Cupitt

    Association of Super Funds Australia (ASFA)

    Pauline Vamos

    Financial Services Council (FSC)

    Andrew Bragg

    CPA Australia

    Alex Malley representative Paul Drum

     

      Last modified: 11 May 2016QC 48958