Super calculators spared need for AFSL
THE Australian Securitiesand Investments Commission (ASIC) has relaxed the rules relating to licensing, conduct and disclosure requirements for superannuation calculators.
The relief arrangements mean providers of superannuation calculators, that meet certain minimum conditions, will no longer require an Australian Financial Services Licence with an advice authorisation in order to offer the calculators.
Additionally, licensed providers of superannuation calculators will not need to meet the advice conduct and disclosure requirements outlined in the Corporations Act 2001.
ASIC executive director of regulation, Malcolm Rodgers, said many consumers found super calculators useful when planning for retirement, and he expected their popularity to increase with the introduction of super choice.
Rodgers said relief had been provided to deliver legal certainty for providers of superannuation calculators leading up to commencement of super choice on July 1, 2005.
“However, we remind providers of these facilities of the need to design their superannuation calculators responsibly.
“In particular, we are concerned to ensure that providers inform users about the assumptions used to generate the results, that the assumptions are reasonable, and that they clearly explain to the user any limitations of the calculator.”
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