POWERED BY MOMENTUM MEDIA
ASFA welcomes short-form PDS regulations
 |
| Pauline Vamos
|
New regulations on short form Product Disclosure Statements (PDSs) are an important step forward to a new era in disclosure for fund members, according to the Association of Superannuation Funds of Australia (ASFA).
“Fund members can look forward to an eight-page PDS rather than 80,” said ASFA chief executive Pauline Vamos.
“This move, and the associated incorporation by reference provisions, will encourage and enable funds to provide information online that reflects the needs of different members and their stage of life. This is an enormous step to integrating education, advice and disclosure.”
Funds will be able to implement the changes in a cost-effective way with appropriate consumer research within the two-year transition period to June 2012, according to ASFA.
Along with the upcoming regulatory changes, the final Cooper Review report and the Government’s response to Ripoll, the short form PDS regime helps provide a framework and future plan for the industry to meet ongoing changing member needs, Vamos said.
“It will also equip the industry to continue its investment in the whole of the Australian economy for the long-term growth of working Australians’ retirement incomes,” she said.
AUTHOR
Mike Taylor
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
