ASIC Reports Findings from 2 Projects

ASIC has released a report (Report 529) of its findings from 2 projects examining experiences of superannuation members and the effectiveness of superannuation disclosures. ASIC’s findings and expectations have significant ramifications for the industry, whether or not you agree with them. The report contains some interesting conclusions relating to insurance disclosures and claims including: It…

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Fees and Costs Headache Continues

In our last blog on the fees and costs saga, we held the hope that more clarity would follow in relation to ASIC’s announcement of the deferral of the end of the transition period to implement updated fees and costs disclosure requirements in product disclosure statements (from 1 February 2017 to 30 September 2017). While…

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Fees and Costs Deadline Deferred

ASIC has today issued a media release regarding the deferral of the deadline for implementing ASIC’s fees and costs disclosure requirements in product disclosure statements from 1 February 2017 to 1 October 2017. ASIC will be formalising this announcement by releasing an amended ASIC Class Order 14/1252 shortly. The terms of the amended instrument will…

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ASIC “clarifies” fees and costs

In late November, ASIC issued ASIC Corporations (Amendment and Repeal) Instrument 2015/876 (Instrument). This is ASIC’s latest attempt to clarify the fees and costs disclosure requirements under the Corporations Act 2001 (Act) for product disclosure statements and periodic statements issued by superannuation trustees (fee disclosure requirements), so that more accurate and consistent information about fees and costs…

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Digital disclosure regime brings big changes

In July ASIC released two instruments to provide greater flexibility for making disclosures to investors: ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 ASIC Corporations (Removing Barriers to Electronic Disclosures) Instrument 2015/649 ASIC has also updated “RG 221: Facilitating digital financial services disclosures” to reflect the changes made by the new instruments.…

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BT pinged for misleading advertising

ASIC issued a Media Release today in relation to two Infringement Notices issued to BT Funds Management Ltd for misleading advertising that appeared on search results pages generated by Google. The first notice relates to the statement “BT Super has outperformed industry super funds over the last 5 years*”  The statement was untrue.  Yes, there…

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Actions to take following changes to early release rules

The Government will amend the provision for accessing superannuation for people suffering a terminal illness. This follows representations by Breast Cancer Network Australia and other organisations. Under the current provision for early access to superannuation, a person with a terminal illness is required to obtain a certification from medical specialists they have less than 12…

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