Product dashboard to underpin MySuper
The Federal Government this week released the draft regulations covering MySuper funds, highlighting that product providers will be required to disclose investment risk, the dollar value of fees and their investment performance in an easy-to-read way.
The information will need to be provided via a single-page product dashboard.
Announcing the release of the regulatory draft on Wednesday, the Minister for Financial Services, Bill Shorten, claimed that for the first time Australian consumers would be able to easily compare super products based on easy-to-understand information.
"The draft regulations represent the final stage of the Government's MySuper reforms and are aimed at improving competition, transparency and comparability of superannuation products across the industry," the Minister said.
He said this represented the key aspect of the changes and called for industry feedback.
Shorten said consumer testing of the proposed product dashboard would be undertaken during the consultation process.
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