The roundtable discussion featured executives from influential funds, including Insignia Financial, Australian Retirement Trust, Cbus, and others, focusing on the operational complexities faced under varied regulatory regimes. Participants sought a more unified approach to managing these challenges effectively.
APRA reported the CEOs' call for "regulatory simplification" aimed at mitigating the demands of adhering to multiple regulatory systems. The dialogue also underlined the complexities involved in encompassing business segments not adequately covered by the FAR framework.
The regulatory bodies emphasized a thorough understanding of related entities to manage risks effectively and fulfill RSE licensing commitments. There's a highlighting of the necessity for trustees to fortify their frameworks under the FAR mandate.
CEOs were encouraged to partake in candid discussions emphasizing defined role mandates and a culture of accountability. Various communication approaches, ranging from townhall gatherings to performance evaluations, were identified as critical to weaving the FAR effectively into the fabric of organizational operations.
ASIC's reflection on the FAR's impact showed a sharpened focus on accountability, ensuring dialogue is directed towards the suitable accountable individuals.
