Recognising the uncertainty and administrative burden faced by superannuation funds to comply with certain Stronger Super reforms, ASIC provided welcome relief yesterday by announcing the deferral of two commencement dates. In particular:
- the product dashboard requirements for choice products will now commence on 1 July 2019; and
- the requirements for portfolio holdings disclosure have been deferred until 31 December 2019.
In line with these proposals, ASIC also announced that it will extend previous relief allowing superannuation funds to include a website link for the latest product dashboard, rather than a hard copy, with a periodic statement.
To learn more, visit ASIC’s website.