ASIC delays super reforms after complaints

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Australian Securities and Investments Commission has delayed the Stronger Super fee disclosure start date by six months to 1 July, after complaints from industry associations.
 
ASIC issued a class order yesterday, saying it was taking a “no-action position” to help the industry introduce recent superannuation reforms.
 
“This aligns with our facilitative compliance approach and ensures trustees have adequate time to comply with the reform timetable,” it said.

ASIC has:
  • Changed the start date for compliance with new fees and costs disclosure arrangements by class order from 31 December 2013 to 1 July 2014
 
  • Said RSE licensees do not have to provide a hard copy of the product dashboard with the periodic statement – a link to the online product dashboard is fine
 
  • Given interim relief to RSE licensees, who no longer have to include information about accrued default amounts in exit statements.
 
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 in the long term, ASIC said.
 
The regulatory body had received feedback from industry associations that having to comply by December would have caused an undue burden and compliance costs on members.
 
However, ASIC reminded RSE licensees they need to make sure consumers are well informed and not misled by any statements about fees and costs, which will still change six months down the track.

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