“The bill provides that details of performance measurement criteria will be set out in the regulations,” it said. “IOOF supports an extensive and robust consultation process to determine the content of these regulations. “IOOF believes an industry consultation process should be established, providing input to the proposed performance benchmarking methodology that ultimately forms the regulations. As APRA has a role in determining which ranking formulae to choose, we suggest it would appropriate to include the Regulator in these consultations to ensure consistency and transparency of approach.” For its part, AMP expressed concern that critical details to be contained in the regulations were not yet available.