ASFA seeks ASIC extension on MySuper

The Australian Securities and Investments Commission (ASIC) has been asked to allow a 12 month extension to its facilitative approach to MySuper reporting arrangements to give superannuation funds more time to comply. 

The Association of Superannuation Funds of Australia (ASFA) has sought the extension in a submission filed with the regulator this week in which it has supported ASIC's proposals with respect to ASIC Class Order relief by has sought more time for its members. 

In a submission filed with ASIC, ASFA has warned that superannuationchoice products/providers (including select investment options) would not be in a position to comply with the relevation arrangements "until after a reasonable transition period (say 12 months) after the choice product dashboard (including any associated APRA reporting standard) has been consulted upon and settled". 

"Our members have raised numerous concerns and questions about the disclosure requirements that will apply to choice products, particularly in regards to superannuation wrap platforms," the submission said.

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"We would expect that this dialogue and subsequent consultation will occur separately to this consultation regarding the application of s29QC to MySuper products." 

"Noting the limited timeframe that registrable superannuation entities (RSE's) will have to prepare for compliance, ASFA seeks an extension to ASIC's facilitative approach for a further 12 months to 1 July 2016 (or 12 months from the date of the final Regulatory Guide if it is tabled after 1 July 2015)," it said.

"Our members require adequate time to implement changes based on finalised (not draft) requirements."