ASIC and APRA clarify section 29QC and APRAs reporting standards requirements

ASIC and APRA have issued a joint letter to Registrable Superannuation Entities (RSE) licensees to clarify the relationship between ASIC disclosure requirements and the data required to be reported under APRA's reporting standards by section 29QC of the Superannuation Industry (Supervision) Act 1993. The purpose of the section 29QC requirements is to improve the comparability of information about superannuation products and the letter explains the role of each regulator, the implications of section 29QC and also ASIC's compliance approach.

ASIC has also updated FAQs online to include guidance on what information must be aligned with APRA's reporting standards. The FAQs also contain updates about the new fees and costs disclosure obligations for superannuation products that commence on 1 July 2014.

Download a copy of the letter (PDF 87 KB)

What's new

Compliance time period extended for ASIC Class Order [CO 14/1252]

Due to the expert review of RG 97 that is currently underway, ASIC has decided to preserve the status quo at law by extending the time periods for compliance with certain aspects of ASIC Class Order [CO 14/1252] in relation to periodic statements and superannuation PDSs by one year. Accordingly ASIC has modified [CO 14/1252]. 

Find out more

ASIC appoints expert to review fees and costs disclosure settings

ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97.  The review is expected to be completed in the first half of 2018.

Read the media release


Superannuation member experience report

ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. 17-217MR. 30 June

Shorter PDS relief extended

ASIC has extended to 30 June 2018 relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. 17-216MR, 29 June

More releases on superannuation

ASIC Insights

ASIC Insights 2016 session video

Last updated: 06/02/2017 01:56