John Brogden

The Financial Services Council yesterday welcomed the announcement by the Minister for Finance to grant superannuation funds more flexibility in complying with the new SuperStream arrangements.

John Brogden, CEO of the FSC said: “The FSC strongly supports the policy objectives of SuperStream. Super Stream is forecast to save fund members and the industry $1 billion per annum once fully implemented.”

He also said: “SuperStream is an industry wide project, however, and the 1 July 2014 commencement date was causing significant implementation risk for funds.”

To achieve the intended policy outcome and expected savings the system has to be carefully implemented. Rushed implementation puts the system at risk and will ensure that superannuation funds, employers and fund members have adequate time to prepare.

The post SuperStream decision right for consumers and the industry appeared first on AdviserVoice.