MLC releases simpler PDS ahead of regulatory changes
In an effort to meet the Federal Government's short-form product disclosure statement (PDS) reforms, MLC has released simpler short-form documents for three of its leading products.
An eight-page PDS will be available for MLC MasterKey Super & Pension Fundamentals and MLC MasterKey Super and Pension from 1 February, following the release of a similarly modified format for MLC MasterKey Business Super in November last year.
"Our new PDSs are simple and easy to read, yet retain all the important information that the clients needs," MLC MasterKey general manager Dean Thomas said.
"Since 2009, we've done a lot of work with financial advisers and clients to find out what makes a good PDS and have shortened our documents so they are easily read and understood."
The Australian Securities and Investments Commission updated its guidance for issuers of disclosure documents and PDSs in December last year.
MLC's push to adhere to the impending regulatory changes follows similar moves by AMP to modify its contemporary superannuation products at the end of last year.
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