Cooper finally hits positive note

The Cooper Review into superannuation has finally won broad industry endorsement by releasing a second phase preliminary report almost entirely dedicated to improving the efficiency and effectiveness of the superannuation industry’s back office.

The second phase preliminary report represents a broad confirmation of points raised by the chairman of the Cooper Review, Jeremy Cooper, at the Conference of Major Superannuation Funds (CMSF) in Brisbane last week. During the conference, he discussed bringing funds’ back offices into the modern age via broader use of Tax File Numbers and electronic funds transfer technologies.

The Investment and Financial Services Association (IFSA) chief executive John Brogden quickly endorsed the report. Brogden said Cooper should be congratulated for the SuperStream initiative, because almost all the initiatives would help the industry function more efficiently — thereby lowering administration costs.

For its part the Australian Institute of Superannuation Trustees (AIST) described the SuperStream proposals as a breakthrough in modernising the industry.

AIST president-elect Gerard Noonan said the recommendations would serve to improve efficiency and reduce costs across the industry.