- 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
- Nikko AM restructures multi-asset teams
- First State Super adds MSCI platform
- Henderson launches fixed interest fund
- Asset managers facing operational pressures
- Perpetual expands trustee services in Singapore
- Christian super funds merge
- Funds management mergers tipped to continue
- AMG acquires River Road Asset Management
- Aus Unity fund acquires option for green office building
- NAB in talks with global custody providers
- Retirement income innovation must be inclusive
- Weighing up default fund insurance
- Don’t neglect developed markets
- Hunting for ‘preferred infrastructure’
- Westfield: a failure of engagement
- Can Europe avoid Japan’s fate?
- Cleaning up with clean technology
- Obsession with fees hurting retirees
- Do we need independent directors?
- Australian corporate debt: The phoenix rises
- Standard Life expands European business team
- IRESS confirms D'Aloisio as chairman
- Voya IM expands fixed income team
- Westpac Institutional Bank hires GM
- Skaffold hires wholesale markets head
- Roy Morgan appoints GM, financial services
- ANZ appoints director to board
- Northern Trust announces leadership changes
- Bravura appoints chief information officer
- Westpac NZ CEO resigns