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ASIC announces Stronger Super changes

ASIC has issued a class order with implications for the Stronger Super regime, including fee disclosure compliance requirements.

In a statement issued yesterday, the corporate regulator announced it would push back the start date for compliance with new superannuation fees and costs disclosure arrangements by six months, to 1 July 2014.

Class order 13/1534 will exempt APRA-regulated superannuation funds from the requirement to disclose additional costs and fees in product disclosure statements 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.

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”.