The Association of Superannuation Funds of Australia today welcomed an announcement by ASIC that it will provide an extension to the transition period for trustees of superannuation funds and responsible entities of managed investment schemes to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).
ASFA CEO Dr Martin Fahy said the extension, to 30 September 2017, was sensible and made in response to advocacy by ASFA and other industry associations to ensure information provided was robust and would appropriately assist consumers to compare fees and costs.
“I applaud ASIC for adopting a reasonable approach to compliance timelines, given the implementation issues the industry is facing,” he said.
“This is a complex and detailed area of regulation, which is proving difficult to apply in some areas and where there are still some uncertainties.
“This extension is a practical and welcome response from ASIC and will greatly assist the industry to increase transparency.”
Dr Fahy said ASFA would continue to work collaboratively with the other industry associations to produce industry guidance and to provide feedback to ASIC on implementation issues.
“ASFA acknowledges ASIC’s announcement that a facilitative compliance approach would be adopted with respect to superannuation trustees who opted to disclose on the new basis prior to 30 September 2017,” he said.
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