ASIC today released guidance to help superannuation companies disclose information about superannuation funds and their trustees on their websites as part of a push to make the industry more transparent.
The requirement is part of the Government’s Stronger Super reforms which start 1 July 2014. From next month, super companies must also actively publish on their websites details of their executives, including remuneration, and fund product disclosure statements, governing rules, actuarial reports and summaries of significant events that have occurred over the past two years.
The law also requires this information to be kept up to date at all times.
Regulatory Guide 252 Keeping superannuation websites up to date (RG 252) states that a website will be viewed as being up to date if the information is within 20 business days. For information on remuneration, a website needs to be updated within four months. These time frames are commonly referred to as a 'safe harbour' which means that super companies will be viewed as complying with the law if they update their website within these time frames.
The timeframes are set out in Class Order [CO 14/509] Keeping RSEs’ superannuation websites up to date.
ASIC Commissioner Greg Tanzer said, ‘We estimate these timeframes will lower compliance costs for companies and save the industry almost $30 million.’
Download
Report 396 Response to submissions on CP 219 Keeping superannuation websites up to date (REP 396)
Background
RG 252 follows the release of Consultation Paper 219 Keeping superannuation websites up to date (CP 219) in November 2013 (refer: 13-328MR).