3.8 — Adjustment of APRA and ASIC’s roles

The roles of APRA and ASIC with respect to superannuation should be adjusted, as referred to in Recommendation 6.3.

Government Response

The Government agrees to this recommendation, consistent with the Governments response to Recommendation 6.3 which sets out the general principles for adjusting the roles of APRA and ASIC.

This also responds to the Productivity Commissions report Superannuation: Assessing Efficiency and Competitiveness which recommended clarifying the regulators’ roles and powers, including their respective areas of focus.