Question

Describe in detail the role of each of the ATO, ASIC and APRA involved in the administration and legislation of the superannuation industry.

Answer 1

The role of ATO(Australian Tax Office) is as follows:

It aims at resolving all issues that involve taxation for both consumers and large corporations. It has a smooth consumer friendly system for filing tax returns online in a multifaceted manner.

The role of APRA(Australian Prudential Regulation Authority) is:

It was established on 01st July, 1998 to ensure that banks, credit unions, building societies, general insurance, life insurance, basically all the participants of the superannuation industry, are supervised properly and it is backed by the businesses that it administers.

The role of ASIC(Australian Securities and Investment Commission Act 2001) is to mainly ensure as a financial services regulator the smooth functioning of the services pertaining to the investors and consumers. It mainly has 3 large aims:

1. As a Credit regulator it has to protect the interests of everyone involved with providing credit in the sector including banks, financial companies’ private creditors etc.
2. As a Market regulator the aim is to ensure that the financial markets show transparency and run freely and smoothly.
3. As financial services regulator to ensure that the fair and honest provision of the financial services is given to consumers.