POWERED BY MOMENTUM MEDIA
Shortened PDS timeframe extended
Superannuation trustees and simple managed investment scheme providers have had the timeframe for the new shortened Product Disclosure Statement (PDS) regime extended.
The Australian Securities and Investments Commission (ASIC) has released a class order that will give the Federal Government more time to implement refinements to the regime, and in the meantime, avoid disruption to retail investors and product providers, a statement said.
The Government previously announced product providers could remain in the old regime or continue to issue supplementary PDSs until 22 June 2012, or opt in to the new regime from 22 June 2011 if they were ready to.
Some super funds have already made the switch to the new regime, with Aon Master Trust announcing it would replace its 60 page PDS with a new eight-page option by 1 July 2011.
The Federal Government also announced a number of other changes to clarify the operation of the shorter PDS regime, including confirming that pure risk products are excluded, confirming that combined defined benefit and accumulation products are included, and amending regulations to allow for electronic lodgement of applications.
AUTHOR
Ashleigh McIntyre
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
