AIST welcomes ASIC’s decision

AIST/Australian-Institute-of-Superannuation-Trustees/ASIC/australian-securities-and-investments-commission/extension/PDS/super-funds/superannuation-funds/tax-deductions/transparency/mysuper/fund-performance/

12 December 2018
| By Oksana Patron |
image
image image
expand image

The Australian Institute of Superannuation Trustees (AIST) has welcomed the announcement from the Australian Securities and Investments Commission (ASIC) with regards to extended transition periods for key fee and cost disclosure requirements.

According to AIST’s chief executive, Eva Sheerlinck, this would help ensure more consistency around new requirements and therefore would offer more value to consumers.

ASIC further extended  the deadline for PDS disclosure of property operating costs to 29, September, 2020, which would effectively give the industry an extra 12 months on the existing deadline.

Also, ASIC said it extended the deadline for disclosure on periodic statements and super funds would be able to continue to use the interim arrangements for disclosure of buy/sell spreads, tax deductions and borrowing costs up until 29 June, 2020.

“While a lot of time and effort has already been spent on developing these disclosure requirements, it is clear that more work is needed to get them right,” Scheerlinck said.  

“Improving fee and cost disclosure in superannuation is vitally important both for consumers and regulators, but poor disclosure is not going to help anyone and could lead to serious unintended consequences.”

AIST also announced that it would continue to urge ASIC to:

  • Extend the new disclosure requirements to provide transparency and comparability for members of both MySuper and Choice products
  • Provide greater comparability of fund performance, recognising that consumers need a better understanding of the important role of net returns in maximising their retirement outcome
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3