POWERED BY MOMENTUM MEDIA
ASIC explains reporting
The Australian Securities and Investments Commission (ASIC) has released information to assist superannuation trustees in complying with reporting obligations regarding material changes and significant events.
ASIC executive director of compliance Jennifer O’Donnell said the release of the new information was important in circumstances where it was imperative that members were promptly advised of changes that could affect their ability to make informed decisions.
Contained in QFS 163, “I am a superannuation trustee. Do I need to notify members about member transfers without consent?”, the new information comes after ASIC’s review of disclosure practises following the introduction of choice legislation in July last year.
‘Material change’ and ‘significant event’ refer to any decision that fundamentally affects a member’s investment, including transferring a member’s benefits without consent.
“Delayed or obscure notices significantly affect a member’s ability to make an informed decision about whether to exercise their right to exit the fund,” O’Donnell said. “It is imperative members are advised of these decisions clearly, early and in a manner which will come to their attention.”
O’Donnell also warned against relying on amended Product Disclosure Statements (PDS) to communicate potential changes. “The ongoing obligation to disclose material changes and significant events is an additional requirement to the PDS disclosure obligations,” she said.
Recommended for you
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
