ASIC has issued a class order (CO 13/1534) which exempts APRA-regulated superannuation funds from the requirement to disclosure additional costs and fees in their product disclosure statements (PDSs) from 31 December 2013.
The class order extends the compliance date for PDSs released on or after 31 December 2013 until 1 July 2014.
“Feedback from industry associations indicates that compliance by 31 December 2013 would result in significant compliance costs and imposes unreasonable burdens on trustees,” said an explanatory statement accompanying the class order.
The class order also exempts superannuation trustees from the new requirement to provide members with a hard copy of the product dashboard with their periodic statement – instead, a link to the online product dashboard is sufficient.
In addition, exiting members do not need to be provided with a hard copy of the product dashboard.
ASIC has also announced a 'no-action' position which stipulates that information about accrued default amounts does not need to be included in an exit statement.
While the regulator said it was taking a “facilitative approach” with regards to the Stronger Super reforms, it noted that “RSE licensees ... need to ensure consumers are well informed and not misled by any statements about fees and costs”.
“To avoid consumer confusion, RSE licensee may need to alert consumers to the fact that fees and costs disclosure is changing,” said ASIC.
