ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the disclosure obligations relating to choice product dashboards.
Superannuation trustees are required to produce and disclose dashboards for MySuper products. However, regulations required to give effect to the choice product dashboard disclosure requirements have not yet been made.
As the regulations have not been made, ASIC has continued to defer the start date on which superannuation trustees must disclose a dashboard for choice superannuation products by amending the existing class order.
ASIC has also amended a related instrument (ASIC Class Order [CO 13/1534]), which concerns disclosure of dashboard information in a periodic statement. The amendment continues to defer the requirement to include a dashboard in a periodic statement by allowing superannuation trustees to include a website address for the dashboard instead.
The amendments defer the commencement of relevant obligations until 1 July 2023. This will allow further consideration by Government of the policy position. ASIC will adjust or revoke the relief once policy positions in relation to dashboards are settled.
The new expiry dates specified in the instruments align with the usual 10-year sunsetting period for legislative instruments under the Legislation Act, having regard to when relief of this kind was first given by ASIC. It should not be assumed that the relief instrument will continue in force for that period of time.
The Stronger Superreforms introduced disclosure obligations for trustees of regulated superannuation funds, including obligations regarding choice product dashboards as well as portfolio holdings disclosure. Specifically, since 2013 trustees of a regulated superannuation fund:
- with more than five members have been required to publicly disclose a choice product dashboard on the fund’s website.
- have been required to make information relating to investment assets publicly available on the fund’s website.
Since the obligations came into effect, ASIC has provided regulatory relief to trustees to comply with the obligation because additional regulations (or legislation) is required to set the content and presentation requirements for choice dashboards.