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Super fund disclosure regime extended

ASIC has extended its facilitative approach for super fund fee and cost requirements to 1 July 2015, ahead of the Stronger Super start date of 1 July 2014.

ASIC released Information Sheet 197 Fee and cost disclosure requirements for superannuation trustees yesterday.

“We will adopt a measured approach during this period, where inadvertent breaches arise or systems changes are underway, provided that industry participants are making reasonable efforts to comply,” said the corporate regulator.

ASIC said it intends to undertake further consultation on the main aspects of fee and cost disclosure, such as double-counting and look-through arrangements in indirect costs.

After further consultation it will undertake a comprehensive update of its fee and cost disclosure guidance in Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements.

In terms of PDS disclosure, ASIC said it expects superannuation trustees will disclose a separate fees and costs table for each MySuper product and Choice product.