CA ANZ and CPA Australia have participated in consultation at every stage of the implementation of the YFYS reforms. Whilst we generally supported the measures contained in the reforms – with the exception of the best financial interests’ duty – it was our opinion that the reforms required significant adjustment to be suitable for the purposes for which they were designed.

We have commented, in our submission, on the following:

• The performance test (including the 10 year lookback period, benchmarks of covered asset classes, trustee notification to beneficiaries and representative administration fees and expenses)
• Performance test benchmarking
• APRA decisions are not reviewable
• Problems with use of the beneficiary definition in performance test failure restrictions
• Pension products should be included
• Defined benefits products should be included
• Assumed taxation