- Friday, 01 April 2011 | Vishal Teckchandani
The Affiliation of Superannuation Practitioners (ASP), which includes AMP, Colonial First State, BT Financial Group, MLC, Pillar, Superpartners and AAS, is focused on finding efficiencies that could be passed onto members, an ASP statement said.
"The first priority for the ASP is the design of an efficient and secure electronic rollover process between superannuation providers, a task the group has committed to supporting by September 2011," ASP spokesperson Nigel McCammon said.
"As part of this project, the group is seeking to eliminate paper forms and cheques from the superannuation funds transfer process."
He said the Cooper Review and the subsequent SuperStream objectives had driven an increased focus on operational issues within the super industry.
"The ASP believes the most appropriate way to deliver the required improvements to the government, industry and members is through industry collaboration," he said.
"A different approach would likely result in a number of disparate third party solutions, which will increase costs and negate the efficiency gains we are seeking to achieve."
Upon completion of the initial project, the ASP will continue to work together to scope other projects with the potential to deliver value to members and the industry and which also supported the government's SuperStream objectives, ASP joint spokesperson Hans van Daatselaar said.
"The superannuation industry continues to evolve," Van Daatselaar said.
"This evolution brings both opportunities and challenges. Importantly, however, the ASP understands the need for the industry to deliver solutions that can develop as the broader financial sector evolves."
Latest from InvestorWeekly
- CFS enhances Essential Super
- Financial Synergy launches SuperStream platform
- WaveStone launches Aussie equities fund
- ANZ widens China Development Bank agreement
- Japan FTA to bolster financial services export: FSC
- Westpac establishes Shanghai sub-branch
- NAB invests in Misys trade finance platform
- NGS Super rebrands
- AMP Capital raises US$450m for infrastructure debt fund
- RBA upbeat about economy, says HSBC
- A weather forecast for 2014
- Is Asian turbulence a win for China?
- Why Detroit’s honest self-renewal is a lesson for Japan
- Volatility means opportunity for fixed-income investors
- US Fed likely to stick to existing policy
- Asian bonds offer value after Fed-induced sell-off
- Convertible bonds: solid foundations are needed when reaching for the upside
- ING DIRECT urges third parties to prepare for Basel changes
- A straight-forward channel
- Crystal balls and consistent returns
- ANZ appoints insto head of global banking
- Bank of New Zealand appoints CEO
- Praemium appoints director to board
- T. Rowe Price appoints insto sales manager
- Wilson HTM appoints managing director
- BTIM appoints non-executive director
- Westpac Institutional Bank adds to Asia Advisory Board
- ANZ CIO steps down
- Legg Mason appoints director of sales
- DST Global appoints solutions manager