ASIC senior executive leader, investment managers and superannuation Ged Fitzpatrick explained to delegates at the Australian Institute of Superannuation Trustees Super Investment Conference why the regulator delayed the RG97 reforms.
He said the approximate 90 trustees required additional time to implement ASIC's disclosure reforms, adding: "We want to ensure the industry is successful in its implementation."
While the majority of reforms will be implemented across the industry by the end of this year, certain operational cost requirements will be delayed "in response to issues about trustees being able to implement them within the timeframe we gave them."
"Across the industry, when we decided to update RG97, we noticed under-disclosure of costs in many areas. When we reviewed it, the average increase in disclosed costs was about 23 basis points for MySuper products," he said.
He added that platforms, despite some industry speculation, will not be exempt from similar rules.
"Platforms will need to show that their fees and costs relate to providing access to underlying investments," he said.