media release (13-026MR)

Stronger Super implementation

Published

With key parts of Stronger Super now law, ASIC today published information for industry to help them understand the reforms.

The information is provided in responses to questions ASIC has received from participants in the super industry, including trustees.

ASIC’s involvement in Stronger Super focuses on disclosure requirements.

Commissioner Greg Tanzer said: ‘We hope people find this guidance, in a short Q and A format, timely, easy to follow and useful in understanding their obligations.

‘We’ll be adding to these FAQs on an as needs basis. We encourage people to contact us if they have issues they want to raise.’

Read the FAQs

Further ASIC guidance

It is not intended the FAQs be a substitute for detailed guidance from ASIC. ASIC will initially release guidance via information sheets with a view to issuing formal guidance later in the year.

ASIC will shortly issue two information sheets on intrafund advice and the requirements to align disclosure with APRA data collection.

Information sheets on transitional disclosure, product dashboard and portfolio holdings disclosure requirements will be released closer to 1 July 2013 as we anticipate further changes to the requirements in the coming months. Some parts of ASIC’s guidance is also dependent on the final form of the APRA reporting standards.

ASIC will amend existing regulatory guidance and ASIC relief to reflect Stronger Super reforms where necessary. This may occur after 1 July 2013.

Stronger Super implementation

More broadly, ASIC will take a facilitative approach during the first 12 months of the Stronger Super reforms from 1 July 2013.

ASIC recognises in a number of areas Stronger Super will require trustees to meet IT systems and compliance requirements.

ASIC will adopt a measured approach where inadvertent breaches arise or systems changes are underway, provided industry participants are making reasonable efforts to comply. However, where ASIC finds deliberate and systemic breaches we will take stronger regulatory action.

Industry questions on Stronger Super can be sent to StrongerSuperReforms@asic.gov.au.

Background

The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 and the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 were made law on 3 December 2012 and 28 November 2012, respectively.

The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 includes provisions requiring:

  • the publication on a fund’s website of a product dashboard which provides summary information for consumers about the fund’s MySuper and Choice products

  • superannuation trustees to publish the full portfolio holdings for their funds on a fund’s website twice annually, and

  • the disclosure on a fund’s website of the remuneration of executive officers and trustees of each RSE licensee or trustee.

More about Stronger Super

Media enquiries: Contact ASIC Media Unit