AUSTRALIA - Seven financial services organisations have formed an alliance to support the Federal Government in the delivery of its SuperStream initiatives and to provide better service to their members.
The Affiliation of Superannuation Practitioners (ASP) is made up of AAS, AMP, BT Financial Group, Colonial First State, MLC, Pillar and Superpartners - and is focused on finding efficiencies which can be passed onto members.
The group said its first priority is the design of an efficient and secure electronic Rollover process between superannuation providers, a task it has committed to supporting by September 2011. This will enable superannuation members to easily and efficiently transfer data and funds between organisations and as part of this project, the group is seeking to eliminate paper forms and cheques from the superannuation funds transfer process.
ASP spokesman Nigel McCammon said an industry led solution was critical to delivering real benefits to members and supporting the government in delivering on its SuperStream objectives.
"The Cooper Review and the subsequent SuperStream objectives have driven an increased focus on operational issues within the superannuation industry," he added.
"The Affiliation of Superannuation Practitioners believes the most appropriate way to deliver the required improvements to the government, industry and members is through industry collaboration. A different approach would likely result in a number of disparate third party solutions which will increase costs and negate the efficiency gains we are seeking to achieve."
Upon the completion of the ASP's initial project, the group will continue to work together to scope other projects with the potential to deliver value to members and the industry, and which support the Government's SuperStream objectives.
"The superannuation industry continues to evolve," said Hans van Daatselaar, joint spokesperson for the ASP.
"This evolution brings both opportunities and challenges. Importantly however, the ASP understands the need for the industry to deliver solutions that can develop as the broader financial sector evolves.
"The ASP's pilot project - which commenced earlier this month - has proven the group can work cooperatively to achieve mutually beneficial outcomes. This approach will allow the industry to avoid additional costs to members through the imposition of a single industry-wide solution."
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