"Past performance is no guarantee of future results" is something ASIC are always keen to say.
Yet when it comes to them, they expect past results to now be written down in the ever expanding SOA (which I thought they were claiming could be simplified).
I am quite happy to explain my recommendations to a client, or some complaints tribunal. But to address any historic underperformance for each investment recommendation in an SOA is more time consuming, pointless bureaucracy.
I'd go on to say, that if this requirement stands, then advisers should also be compelled to explain why they think any out performing investment will continue to out-perform, when historically we know that a fund manager doesn't continually out-perform.