Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos launched the peak super industry body's new policy agenda at its annual conference on the Gold Coast today.
The association will push for superannuation funds to be able to offer simple advice and introduce classification and investment standards for the industry.
Vamos said superannuation funds needed to be able to offer single issue advice, such as what type of fund to join, investment options and decisions about transitioning to retirement.
She said funds could not provide that sort of advice under the current regulatory system.
"Super funds have told me that they used to be helpful to their members. We believe that financial advice can be made more available to more people through super funds being able to provide single issue advice," she said.
She said ASFA would push for shorter statements of advice and more meaningful and succinct disclosure documents.
With the industry now worth more than $1 trillion in funds under management, ASFA will focus on trustee responsibilities, particularly in investment management.
"Our size has given us economic firepower that is unparalleled in the industry. Super funds have a responsibility to their members that they understand the risk-return profile of the assets in which they invest in. To do this there must be consistency across the industry," Vamos said.
To ensure this consistency, ASFA will develop industry standards on the classification and definitions of investment options.
It will also maintain its emphasis on the adequacy of retirement savings and continue to promote its policy on soft compulsion and for the co-contribution to be widened to include middle-income earners.
