ASIC extends super PDS deadline
Trustees of superannuation funds have been given an extra year by the corporate regulator to provide Product Disclosure Statements (PDS) to members detailing different investment strategies contained within relevant superannuation funds.
Originally required to be submitted by June 30 2005, trustees will now have until 30 June 2006 to get the PDSs to the Australian Securities and Investments Commission(ASIC).
According to ASIC the requirement is relevant to any superannuation entity that allows members to choose between different investment strategies within the same super fund, like superannuation master trusts for example.
Trustees can fulfil these requirements either by preparing a PDS themselves or by supplementing their own PDS with one prepared by the issuer of the particular products included in the investment strategy.
This is the most recent of a series of extensions to the deadline, with trustees originally required to submit the documents in mid 2004.
Last November ASIC released a policy proposal paper which outlined the requirements. ASIC director of policy Mark Adams said the final version of its policy position, which has been influenced by industry feedback to the original proposal paper, would be released by August 2005.
He said the extension was granted to give trustees “enough transition time” to comply with the finalised requirement.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
