Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The government does not support the opposition amendments. These amendments would mean that a tailored MySuper product does not have to be authorised by APRA and would allow a trustee to accept contributions even if APRA had not assessed the product. It would be a fairly unique approach, given that licensing regimes would generally not allow something to commence until the regulator had made a decision. I am advised that APRA has made clear that authorisation is an important entry control for My Super products, ensuring that there can be an upfront assessment that the product meets the legislative criteria before member contributions are placed into the product.

APRA has indicated in draft guidance material that where a trustee has already been authorised to offer a MySuper product, authorisation of subsequent tailored MySuper products would only need to focus on key differences from a fund's main MySuper product. As such, where there are few differences in a tailored MySuper product, the authorisation process is therefore expected to be relatively quick. My comments, consistent with Senator Cormann's apply also in relation to opposition amendment (9).

Question negatived.