ASIC has updated its guidance on the requirements for superannuation funds to disclose fees and costs.
“These measures will assist trustees and responsible entities in ensuring that the fees and costs disclosed to investors are accurate and that fees and costs are disclosed more consistently across the industry,” said ASIC.
“Accurate and consistent fees and costs disclosure is extremely important for consumers when making decisions about their superannuation and managed investments,” said ASIC Commissioner Greg Tanzer.
“The work ASIC has completed in this area will help improve the quality of disclosure to consumers, which will strengthen their confidence in superannuation and managed investments.”
“Today’s release followed extensive industry consultation. We thank industry for its assistance and participation in the consultative process. We will continue our engagement with industry during the transition period for the new guidance and amended regulatory requirements to assist industry in its the implementation of these measures.”
The amendments in Class Order 15/876, which amends CO 14/1252, include an extension of the transition period for the new disclosure requirements.
“The class order will now apply to all PDS for superannuation and managed investment products from 1 February 2017. It will also apply to periodic statements that must be given for these products by 1 January 2018 or later,” said ASIC.
The documents released by ASIC include:
- Class Order 15/876
- Regulatory Guide 97 (RG 97): Disclosing fees and costs in PDSs and periodic statements
- Report 457: Response to Submissions Disclosing fees and costs in PDSs and periodic statements
Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?
This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.