ASIC has today further deferred by ASIC Superannuation (Amendment) Instrument 2016/1232 the operation of section 29QC of the Superannuation Industry (Supervision) Act 1993 until 1 January 2019. 

This is to allow sufficient time for the Choice product dashboard requirements to be settled and implemented. ASIC considers it beneficial to allow these reforms to be finalised before settling the policy position for the application of section 29QC. 

Section 29QC was introduced as part of the Stronger Super requirements. The section requires that if a trustee provides information to APRA under a reporting standard and the trustee gives the same or equivalent information to another person, or on a website, then the trustee must ensure that this information is calculated in the same way as the information given to APRA. 

The purpose of this section was to improve the comparability about superannuation products.

ASIC intends to issue a further instrument, as well as providing guidance, about the application of s29QC in 2018.