On 1 July 2013, ASIC welcomed key Stronger Super reforms intended to make the Australian superannuation system stronger and more efficient, and to help maximise superannuant retirement income.

ASIC has an interest in a range of Stronger Super reforms, but those ASIC has been most involved in are the SMSF auditor register, the intra-fund advice aspects of MySuper and the regulatory settings around disclosure in super.

The MySuper and Governance reforms started largely on 1 July. However, there have been deferrals to the implementation dates of the following measures:

• product dashboard for MySuper products (until 31 December 2013), and

• new content requirements, particularly fees, for Product Disclosure Statements for super and managed investments (until 31 December 2013 and 1 July 2014 respectively).

ASIC has also deferred until 31 October 2013 the implementation of section 29QB of the Superannuation Industry (Supervision) Act 1993 and the executive remuneration and systemic transparency requirements (refer: [Class Order 13/830] RSE licensees of registrable superannuation entities).

The portfolio holdings disclosure requirements were delayed until mid-2014 with the passage last week of the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act (Tranche 4).

ASIC anticipates issuing its information sheet on product dashboard requirements shortly and is updating its Frequently Asked Questions (FAQs) to include information about executive remuneration and systemic transparency measures.

ASIC guidance on Stronger Super implementation

To aid implementation of the Stronger Super reforms, ASIC has published responses to FAQs. These are based on real questions ASIC has received from industry.

ASIC has also released information sheet guidance covering aspects of the Stronger Super reforms:

• Information Sheet 168 Giving and collectively charging for intra-fund advice (INFO 168)

• Information Sheet 167 Disclosure requirements for superannuation trustee: s29QC (INFO 167)

• Information Sheet 169 Notifying members about superannuation transfers: Accrued default amounts (MySuper transition) (INFO 169)

• Information Sheet 90 Notifying members about superannuation transfers without consent (INFO 90).

ASIC also issued Information Sheet 155 Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes (INFO 155) that includes guidance on how ASIC expects the Stronger Super reforms will impact the shorter PDS regime.

ASIC’s Stronger Super page has further information.

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

For consumers, information on MySuper is available at www.moneysmart.gov.au and we encourage trustees to refer people to MoneySmart for information on the reforms and the changes in super.

ASIC’s facilitative approach to compliance

ASIC will take a facilitative compliance approach for Stronger Super for the first 12 months.

ASIC recognises in a number of areas Stronger Super will require trustees to undertake major work so that IT systems and compliance requirements are in place for the new regime.

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