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ASIC issues pointers for MySuper product dashboards
There is still room for improvement on how superannuation funds produce a dashboard for MySuper products, the Australian Securities and Investments Commission (ASIC) said.
"Our review suggests that trustees have shown a good level of compliance with the product dashboard requirements for MySuper products,' Commissioner Greg Tanzer said.
"Some trustees have chosen to adopt the ASIC ‘mock up' of the product dashboard. However, there are some areas for improvement to the accessibility and clarity of product dashboards."
ASIC wants trustees to place the product dashboard in a prominent, easy-to-access place on their website. Customers should not have to flip through several pages or search the website to access the product dashboard.
Trustees should also not include information near the product dashboard if it is not needed by the product dashboard mandatory provisions as it could confuse users. This excludes additional information related to the product dashboard.
"The inclusion of optional information, such as asset allocation information, within the product dashboard has the potential to compromise the ability of users to compare across multiple (non-uniform) product dashboards. It may also serve to confuse users of the product dashboard," ASIC said.
ASIC noted some trustees had removed past returns and return target-past return comparison from the product dashboard if there is no previous product.
"Our preferred approach is for the trustee to include all elements with an accompanying explanation to the effect that no past return information is available because the MySuper product has not been in existence for a full financial year and there was no predecessor product," ASIC said.
Trustees can use graphs, asset allocation charts, investment risk measures and a glossary of terms outside the vicinity of the product dashboard.
But the optional disclosure and other elements should not mislead or deceive users.
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