Superannuation platforms, multi-funds and hedge funds will get an extension from the Australian Securities and Investments Commission (ASIC) on interim class order relief from the shorter product disclosure statement (PDS) regime.
The class order extends the previous class order relief from the shorter PDS regime for a further 12 months to 30 June, 2015. It was due to expire on 22 June this year.
The full PDS requirements under the Corporations Act 2001 apply to products that have been excluded from the shorter PDS regime.
ASIC’s relief extension applies until a future Australian government decision on how the shorter PDS regime will apply to superannuation platforms, multi-funds and hedge funds.
ASIC previously released guidance for issuers of superannuation products and simple managed investment schemes to comply with the shorter PDS regime in June 2012.
New product issuers have been required to comply with the regime since 22 June 2011 and other product issuers could opt-in voluntarily.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
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