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13-342MR ASIC provides relief from new super disclosure requirements

Monday 16 December 2013


ASIC has issued a class order and taken a no-action position to assist the industry with the introduction of recent superannuation reforms. This aligns with our facilitative compliance approach and ensures trustees have adequate time to comply with the reform timetable.

ASIC has:
ASIC has consulted with the Commonwealth Treasury ensuring that the approach taken is consistent with the Government's policy.

In particular, the interim relief in relation to product dashboards and periodic statements will allow more time to consider how product dashboards should be included with periodic statements in the longer term.

Although ASIC is taking a facilitative approach with regards the implementation of the superannuation reforms, ASIC reminds RSE licensees that they need to ensure consumers are well informed and not misled by any statements about fees and costs. To avoid consumer confusion, RSE licensee may need to alert consumers to the fact that fees and costs disclosure is changing.

Background


ASIC has issued Class Order [CO 13/1534] Deferral of Stronger Super amendments in relation to PDS and periodic statement disclosure which provides for the following:

Further, consistent with ASIC Regulatory Guide 108 No- action letters, ASIC has also decided to take a 'no-action' position in respect of any contravention by a trustee of regulation 9.46A of the Superannuation Industry (Supervision) Regulations 1994 to the extent that a trustee does not give a notice that discloses the specified accrued default amount information in respect of a former member’s interest with an exit statement.

Download Class Order [CO 13/1534]

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