AIST notes that the application of the proposed crisis preparedness standards within the superannuation sector is limited to the trustees / RSE licensees of funds and not the funds themselves. This distinction means that profit-to-member super funds are by-and-large already compliant with the new requirements proposed. Guidance supporting the standards will need to address the specifics of how the standards will operate in sectors with distinctive business models, not just take a blanket approach to the financial services industry more broadly.