The superannuation industry in Australia is currently facing more challenges with the implementation of the new Simplified Super reforms from the 2006 Federal Budget as well as the new Anti-Money Laundering legislation. This will require documentation and system updates, alterations to procedures as well as training of administrative personnel. Also the Australian Prudential Regulation Authority (APRA) licensing and choice of fund changes of previous years will continue to need monitoring as the industry maintains its focus on the important issues of risk management and compliance.
The industry continues to grow steadily with assets of $1.15 trillion as at the end of the June 2007 quarter.
How PwC can help you
We are a leading supplier of specialist superannuation services in Australia, including assurance, actuarial, tax consulting, GST services, personal financial services, outsourcing services, insurance services and credit risk management. We offer assistance with current issues facing the industry, such as Simplified Super changes, Anti-money Laundering issues, APRA licensing, choice of fund and disclosure. We also assist clients who are the subject of regulator actions (such as enforceable undertakings).
