ASIC edges into MySuper regulation
The Australian Securities and Investments Commission (ASIC) has increased its oversight of superannuation via the Stronger Super legislation and the disclosure requirements around MySuper products.
While superannuation has mostly been the responsibility of the Australian Prudential Regulation Authority (APRA), the level of ASIC's involvement has been revealed in new guidance provided by ASIC around MySuper product dashboards and superannuation fund-related web sites.
ASIC has provided a dashboard example for trustees, with ASIC Commissioner Greg Tanzer saying the regulator hoped it would help trustees see the potential of the product dashboard and its benefits to consumers.
ASIC has also provided an information sheet explaining what information needs to be included on product dashboards including return targets, the returns for previous financial years, a comparison between the return target and returns for previous financial years and the level of investment risk.
The regulator also on Friday released a consultation paper on keeping superannuation websites up to date which considers what ‘up to date at all times' means in the context of elements of the Superannuation Industry Supervision Act (SIS ACT) relating to executive officer remuneration and disclosure "and other systemic transparency measures".
"ASIC proposes giving trustees a ‘safe harbour', so that they are taken to comply with the updating obligation if they update the fund website within a specified time. That time is generally 14 days," the regulator said.
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