In this submission, we welcome the clarity provided by the exposure draft regulations to the then Treasury Laws Amendment (Your Future, Your Super) Bill 2021 (the “Bill”), which has now passed Parliament with some amendments.

In this submission, we have expressed that have significant reservations regarding a number of matters contained in this consultation, including:

• The absence of draft regulations in this consultation, which will be required to implement the proposed best financial interests duty measure contained in the Bill
• That the Exposure Draft Regulations: Addressing Underperformance in Superannuation contain significant shortcomings and require substantial amendment to be fit for purpose. 
• While the Exposure Draft Regulations: Improving Accountability and Member Outcomes gives long-awaited effect to several legislated provisions awaiting regulations, the legislation’s exclusion of non-associated entities could potentially leave a large void with respect to providing full transparency to fund members, and 
• The Exposure Draft Regulations: Single default account do not address the situation where an employer could be penalised for making superannuation contributions in good faith to a fund which they have been advised by the Australian Taxation Office (ATO) is a stapled fund.