ASIC delays choice product dashboards

The Australian Institute of Superannuation Trustees has slammed ASIC's move to defer consumer disclosure requirements for choice superannuation products for up to four years.

Currently, superannuation funds with more than five members must disclose dashboards for MySuper products only.

ASIC has amended Class Order CO 14/443 to defer choice super product providers' obligations until 1 July 2023.

"This will allow further consideration by Government of the policy position. ASIC will adjust or revoke the relief once policy positions in relation to dashboards are settled," ASIC said.

AIST chief executive Eva Scheerlinck said this represents a "significant blow" for members in underperforming non-default funds who would remain in the dark about their fund's performance.

"Currently, members of many underperforming choice super products have no way of knowing how their fund compares to industry benchmarks."

The requirements have been subjected to ongoing delays since 2015 after being introduced with the Stronger Super reforms, she said.

The Productivity Commission, she pointed out, recommended introducing choice product dashboards as soon as possible.

"Waiting another four years to get disclosure right could mean another four years of dud returns for the members affected."

Read more: ASICAISTEva ScheerlinckMySuperProductivity Commission
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