POWERED BY MOMENTUM MEDIA
Sigh of relief over product dashboard delay
Superannuation industry bodies have welcomed a deferral to the start date for the choice product dashboard and portfolio holdings disclosure regime from 1 July 2014 to 1 July 2015.
The Australian Institute of Superannuation Trustees (AIST) CEO Tom Garcia said the deferment meant the industry and the Government could consult further on unresolved issues around the new disclosure requirements.
"Implementing a new disclosure regime costs time and money, so we need to be absolutely sure we have the right framework in place," he said.
The Association of Superannuation Funds of Australia (ASFA) CEO Pauline Vamos said the extra time would allow for testing the dashboard with consumers, which could give a clearer picture of how funds compare.
"Given that the MySuper product dashboard is relatively new and has received a mixed response from the industry and the community, it is essential that the process of developing and testing the dashboard for choice products is not rushed," she said.
The regulation was the final piece of the MySuper legislation, where product providers had to adhere to the product dashboard standard and disclose the dollar value of fees, as well as investment performance and investment risk.
But federal minister for finance Mathias Cormann said yesterday the requirements were rushed through without proper consultation in the "dying days" of the previous Labor government.
"In the course of our consultations on our ‘Better regulation and governance, enhanced transparency and improved competition in superannuation' discussion paper, it has become very clear that large parts of the industry are not ready for implementation and that many issues remain unresolved," Cormann said.
"Legitimate concerns have been raised about the practicality of implementing these measures in the required timeframe, as well as the complexities in implementing a portfolio holdings regime."
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
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
