The Australian Securities and Investments Commission (ASIC) is reminding product issuers that as part of their implementation of Protecting Your Super Package (PYSP), they need to take care that, from 1 July 2019, Product Disclosure Statements (PDSs) do not suggest exit fees will be charged on superannuation products.
Exit fees would be banned under PYSP from 1 July 2019 and would affect superannuation products, so the line needed to be eliminated from the relevant PDSs as well as ensuring no exit charges were charged in practice.
ASIC said it understood the timeline may be difficult for some issuers but encouraged them to make the change as soon as possible.
The regulator said it would be releasing a report on fees and cost disclosure in PDSs in the second half of 2019 following a consultation period earlier this year. It said it would take the changes under PYSP into account when compiling this report.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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