ASIC issues further super reforms guidance

ASIC has issued further guidance to assist industry with superannuation reforms, as well as a consultation paper about keeping superannuation websites up to date.
The guidance relates to the new product dashboard requirements for MySuper products, and the new fees and costs disclosure requirements for product disclosure statements (PDSs) and periodic statements.

Product dashboard

From 31 December 2013 [Note: now subject to Relief] , trustees will be required to publish and keep up to date, a product dashboard for their new MySuper products. MySuper products are the new default products in superannuation, replacing over time existing default funds. The product dashboards will enable consumers to compare their super with other funds and products.

Information Sheet 170 MySuper product dashboard requirements for superannuation trustees (INFO 170) explains what information must be provided for each of the following measures:

  • The return target
  • The returns for previous financial years
  • A comparison between the return target and returns for previous financial years
  • The level of investment risk, and
  • A statement of fees and other costs.

INFO 170 also contains an example of what the product dashboard may look like, which incorporates some of the feedback from the independent consumer testing conducted by Latitude Insights.

Consultation

ASIC has also released Consultation Paper 219 Keeping superannuation websites up to date (CP 219), which considers what ‘up to date at all times’ means in the context of s29QB of the Superannuation Industry (Supervision) Act 1993 (SIS Act). These requirements relate to executive officer remuneration disclosure and other systemic transparency measures.

ASIC proposes giving trustees a ‘safe harbour’, so that they are taken to comply with the updating obligation in s29QB if they update the fund website within a specified time. That time is generally 14 days.

ASIC is seeking feedback by 3 February 2014.

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