Super funds signal collaboration on advice via DBFO

Major superannuation group the Association of Superannuation Funds of Australia (ASFA) has signalled a collaborative approach by superannuation funds to the environment which will be delivered by the Government’s Delivering Better Financial Outcomes (DBFO) legislation.

ASFA chief executive, Mary Delahunty told the organisation’s national conference that the industry was adopting a collaborative approach to delivery of pay day superannuation and would be doing likewise with respect to the next frontier – advice.

“If there is a thread running through all of this, it is collaboration. Everything we have achieved this year has been possible because this sector understands that no single fund or organisation can do it alone.

“We see it now in the sector’s response to Payday Super. And we will see it again as we turn our focus to the next frontier of advice, member engagement and digital transformation,” Delahunty said.

The ASFA chief executive also claimed that the collaborative approach adopted by the superannuation sector had helped defeat adverse policies, such as using superannuation for home deposits.

“Over the past 12 months, our industry has achieved significant progress on many of the priorities that have long been on the policy wish list.

“These wins were certainly not ASFA’s alone. They were the result of a sector determining what matters most and then working together on those issues. Eighteen months ago, the ASFA Board, the team and I reset the ASFA strategy. Our strategic difference – and our strength – is the breadth of our membership spanning the whole super ecosystem,” Delahunty said.

“This guides the way we approach policy and advocacy. We are intentional and unwavering that our policy voice is balanced and constructive. A constructive voice is one that speaks “sector first”.

“This collaborative model has delivered real outcomes. We’ve seen major reform and renewal across the system: the enshrining of the Objective of Superannuation, the long-awaited super on paid parental leave, progress towards 12 per cent SG, the beginning of massive work on regulatory simplification, potential modernisation of the performance test, tax simplification conversations and mandatory service standards. And of course, the announcement of LISTO improvements and the rollout of Payday Super.

“Through uniting as one voice, we have also seen raiding superannuation to buy a home seemingly fall off any policy agenda. This is very welcome.”