ASIC has, yet again, delayed the start date for new disclosure obligations on super funds. Super funds now won’t have to provide product dashboards for Choice super products until, potentially, 1 July 2023 – previously the requirement would have applied from 1 July 2019.
Enhanced disclosure obligations were part of the 2012 Stronger Super reforms, including requiring large super funds to publish a ‘product dashboards’ on their website. These requirements already apply to MySuper products, but not to Choice products.
“Superannuation trustees are required to produce and disclose dashboards for MySuper products. However, regulations required to give effect to the choice product dashboard disclosure requirements have not yet been made,” said ASIC.
“As the regulations have not been made, ASIC has continued to defer the start date on which superannuation trustees must disclose a dashboard for choice superannuation products by amending the existing class order.”
ASIC says delaying the start date of the disclosure obligations until 2023 will “allow further consideration by Government of the policy position”.
“ASIC will adjust or revoke the relief once policy positions in relation to dashboards are settled,” said ASIC, leaving open the option of an earlier start date for the requirements if a future government makes the required regulations.
“The new expiry dates specified in the instruments align with the usual 10-year sunsetting period for legislative instruments under the Legislation Act, having regard to when relief of this kind was first given by ASIC. It should not be assumed that the relief instrument will continue in force for that period of time.”