The intermediary aspect of this role during 2000-04 is an achievement the chief executive of the Association of Superannuation Funds of Australia looks back on favourably. “My approach was to bring together the regulator with the industry and it was the highest amount of industry liaison I think the regulator had ever done and has done since,” she says.
“During that time I was running 20 different projects where I had the systems built, the processes built, but it was the industry liaison that was important; producing the guides, the kits, the compliance plans.
“So I created with the team a lot of tools for the industry and from all the feedback we got, the industry really appreciated that.”
In retrospect, if she could change anything during that period it would be to let the business owners take more control of the implementation of FSR, rather than the compliance teams and lawyers.
“That’s because we ended up with long disclosure documents, long statements of advice, long financial services guides that really didn’t need to be there,” she says.
“The basis of the legislation was clear, concise and effective and when we were negotiating that with Treasury, we all had in our minds very clear, concise, effective documents. That did not happen.”
Nonetheless, she believes Australia has led the world in providing uniform legislation for financial services providers and she regards this as one of the main triumphs for the industry over the past decade.
“What that has meant is that we have some of the strongest consumer protection provisions across any country I’ve looked at. This has also created a level playing field,” she says.
Looking ahead, Vamos would like to see the superannuation industry be mature enough to operate in a highly competitive environment while coming together on the strategic issues.
“For example, coming together on putting some plumbing across the industry for transactions, coming together in terms of standard definitions on the risk of a portfolio, coming together on standard definitions of asset classes and investment fee,” she says.
“If we did those things it would show a maturity in the system and I think increase the confidence and credibility of the whole industry.”
Vamos is optimistic this kind of industry collaboration is possible.
“I think the industry has been genuinely scared by the fact that the government did appoint Medicare for the clearing house for small employers and so it knows that if the industry doesn’t do something then the government will,” she says.
“Also, I think with the bad press we’ve seen on the industry, the industry knows that they’ve got to lift their game in these areas.”
While her career has spanned many sectors of the financial services arena over the years, Vamos admits she enjoys working in the superannuation area the most.
“It covers member engagement and advice, funds management, administration and operations, insurance and governance,” she says.
“Superannuation is complex because it touches every type of financial service and brings it together, so what you’re actually delivering for fund members is vital. The level of responsibility with super because it’s a compulsory system, means there’s real need to get it right and it gives you more drive and I think more passion.”
