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.