The next tranche of Stronger Super will see the launch of the product ‘dashboard’, which will include a requirement to disclose portfolio holdings, according to Treasury principal adviser Jonathan Rollings.
The tranche will also include director and executive remuneration, along with new data collection powers for the Australian Prudential Regulation Authority.
Speaking at the Association of Superannuation Funds of Australia Compliance Summit in Sydney, Rollings said the soon-to-be announced features are a legacy of the Cooper Review, and have the in-principle support of the Government.
"The product disclosure dashboard is intended to be a simple representation of key aspects of products offered by superannuation funds. Those key aspects being investment return targets, a measure of investment risk, a measure on liquidity, another metric around average fees paid by members in relation to that product," said Rollings.
ASIC senior executive leader Ged Fitzpatrick said ASIC anticipated the product dashboard would "provide forward-looking information in relation to matters such as risks, fees and fund objectives".
Superannuation funds will also be required to list the details of their portfolio holdings on their websites – something that is already required in international jurisdictions such as the US, Fitzpatrick said.
"We’re aware of the work by ASFA and the FSC to develop industry guidance ahead of any Stronger Super reforms on this issue. We’re keen to take a pragmatic view," Fitzpatrick said.
"ASIC encourage issuers to make relevant and complete disclosures. It plays an important role in investors’ decisions to invest, remain invested or to exit the product," he added
ASIC will also be adding information about upcoming Stronger Super changes to the MoneySmart website for the benefit of consumers, Fitzpatrick added.
