ASFA welcomes short-form PDS regulations

24 June 2010
| By Mike |
image
image
expand image

Pauline Vamos

New regulations on short form Product Disclosure Statements (PDSs) are an important step forward to a new era in disclosure for fund members, according to the Association of Superannuation Funds of Australia (ASFA).

“Fund members can look forward to an eight-page PDS rather than 80,” said ASFA chief executive Pauline Vamos.

“This move, and the associated incorporation by reference provisions, will encourage and enable funds to provide information online that reflects the needs of different members and their stage of life. This is an enormous step to integrating education, advice and disclosure.”

Funds will be able to implement the changes in a cost-effective way with appropriate consumer research within the two-year transition period to June 2012, according to ASFA.

Along with the upcoming regulatory changes, the final Cooper Review report and the Government’s response to Ripoll, the short form PDS regime helps provide a framework and future plan for the industry to meet ongoing changing member needs, Vamos said.

“It will also equip the industry to continue its investment in the whole of the Australian economy for the long-term growth of working Australians’ retirement incomes,” she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

4 hours 23 minutes ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

22 hours 27 minutes ago

In this latest edition, Anna Shelley, CIO at AMP, shares the fund’s approach to current market conditions and where it continues to uncover key opportunities....

23 hours 31 minutes ago