"Our regulatory role for self managed funds started in 1999. The market has grown substantially since that time. We inherited 187,000 funds from APRA, and we now have over 330,000 funds.
Our initial approach was mainly educational.
In the last 2 years we have taken a stronger stance on active compliance while still keeping our focus on help and education. We have allocated extra resources to active compliance, following additional funding by government.
We plan to increase our active compliance resources to 590 employees and increase our compliance checks of self managed superannuation funds and approved auditors. For new self managed superannuation funds we will be introducing a compliance verification program to establish positive compliance behaviour early in the life cycle of the fund."
For a copy of the address, go here