2019 will go down as a landmark year for financial services in Australia, including superannuation. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlighted many shortcomings, creating a new operating environment that demands increased transparency, regulation and a greater emphasis on compliance.
New mandates for regulators represent increased risks for funds and their trustees, whilst ever growing regulatory complexity makes manual tracking of compliance increasingly difficult. When the outcomes of the Royal Commission are coupled with broader macroeconomic trends — such as digital disruption, automation and rapidly changing customer demands and expectations — it creates a perfect storm set to sweep across the superannuation landscape. Fortunately, solutions to many of these challenges — in the form of purpose-built technology and infrastructure – already exist. And they are ready for implementation, now.