With the Government’s Stronger Super reforms now active industry groups have welcomed the deferment of two of its last minute measures claiming that they lacked clarity with many super funds expressing concern that they were not ready to comply with the reforms.
The last-minute measures deferred are: the product dashboard for MySuper products (until 31 December 2013) and new content requirements, including fees, for Product Disclosure Statements for super and managed investments, (deferred until 1 July 2014). ASIC has also deferred the implementation of section 29QB of the Superannuation Industry (Supervision) Act 1993 and the executive remuneration and systemic transparency requirements until 31 October 2013.
Industry groups have welcomed the the reprieves and Graeme Miller, director of Investment Services Australia at Towers Watson has expressed his relief by stating, “thankfully, many of the provisions that we had no clarity around up until 7pm on Friday evening have been deferred,” he said. “And that’s just as well, because otherwise we would have found ourselves in a ludicrous situation.”
Find out more about the Diploma of Financial Planning.