ASIC has released four information sheets covering aspects of the Stronger Super reforms, including providing intra-fund advice and disclosure requirements associated with the reforms.
Information Sheet 168 Giving and collectively charging for intra-fund advice (INFO 168) explains:
- what intra-fund advice is
- the restrictions on collectively charging for advice
- MySuper and conflicted remuneration
- how the Future of Financial Advice (FOFA) reforms and other advice laws apply to intra-fund advice, and
- what records must be kept.
Previous intra-fund advice requirements in Class Order [CO 09/210] Intra-fund superannuation advice will cease on 1 July 2013.
Information Sheet 167 Disclosure requirements for superannuation trustee: s29QC (INFO 167) covers the new section 29QC of the Superannuation Industry (Supervision) Act 1993 (SIS Act) which requires a super trustee to use the same calculation when providing information to a person or on a website as it does when giving the same or equivalent information to the Australian Prudential Regulation Authority under a reporting standard.
INFO 167 sets out:
- the disclosure requirements
- what the changes mean for trustees
- what happens if the data collection and disclosure requirements conflict, and
- what happens if s29QC is breached
Information Sheet 169 Notifying members about superannuation transfers: Accrued default amounts (MySuper transition) (INFO 169) addresses requirements under section 29SAA(3) of the SIS Act and regulations for a super trustee to provide a notice to a fund member with an ‘accrued default amount’ regarding an intended transfer or attribution to a MySuper product in the same fund, or to another fund within specific timeframes.
INFO 169 covers:
- the notification requirements
- exemptions from having to provide a notice under regulation 9.46
- timing of the notifications, and
- how the notification should be made
Information Sheet 90 Notifying members about superannuation transfers without consent (INFO 90), which explains the requirements for disclosure to members where there is a ‘significant event’ or ‘material change’ regarding their super fund, has been updated to reflect the Stronger Super changes and also to recognise the fact that the Stronger Super reforms may result in an increase in successor fund transfers more generally.
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Posted 8th April 2013 by David Jacobson in Financial Services, Future of Financial Advice Reforms, Superannuation