POWERED BY MOMENTUM MEDIA
Super trustee fee and cost disclosure requirements extended
The corporate regulator has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).
The Australian Securities and Investments Commission (ASIC) said the extension period to 30 September, 2017, would be for issuers that notified ASIC in writing by 31 January, 2016, that they intended to take advantage of the extension in relation to a PDS.
The issuers would also need to provide before 1 March, 2017 information about the fees and costs required to be included in the PDS had they complied with the updated fees and costs disclosure requirements.
The Association of Superannuation Funds of Australia (ASFA) welcomed the extension and said it was a reasonable approach to compliance timeliness, given the implementation issues the industry was facing.
ASFA chief executive, Martin Fahy, said: "This is a complex and detailed area of regulation, which is proving difficult to apply in some areas and where there are still some uncertainties".
"This extension is a practical and welcome response from ASIC and will greatly assist the industry to increase transparency," he said.
ASIC said issuers that did not want to use the extension date would have to comply with the updated requirements by 1 February, 2017.
ASIC Commissioner, Greg Tanzer, said: "ASIC is committed to ensuring that fees and costs disclosure is accurate, and provided on a consistent basis, to assist consumers when making decisions about their superannuation and managed investments".
"We have agreed to an extension of the transition period to ensure that consumers can rely on more accurate information when issuers comply with our guidance," Tanzer said.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
