Cbus chief executive David Atkin questioned the level of regulatory change being proposed for the industry when it is still bedding down and evaluating the impact of the changes that have just been implemented.
“We would suggest that the regulatory environment be provided with a degree of certainty and stability and changes already made be given fair chance to be assessed before further regulatory changes are imposed,” said Mr Atkin.
Despite Cbus’s resistance to the proposal of any further regulation, the industry fund has welcomed much of the regulation introduced in recent years including MySuper, SuperStream and the prudential standards.
Mr Atkin said Cbus viewed the Stronger Super reforms as an opportunity to further improve the way members' retirement savings are managed and ensure the platform is set for delivering its strategy of maximising long-term returns.
“Cbus has undertaken a comprehensive program of work to ensure that its operations, control frameworks, policies and procedures comply with the new requirements,” he said.
According to Mr Atkin, Cbus was the second fund to receive MySuper authorisation on its default accumulation fund, Cbus Growth, and launched the product on 1 October 2013.
Regarding SuperStream regulation, Cbus has established a “clearing house” to support data and payment rules.
“The clearing house will comply with all regulatory requirements and provides options of clearing payments to Cbus and any other funds employees use,” said Mr Atkin.
Cbus has $23 billion in assets and 700,000 members.
