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Issue 733, 16 January 2020 
In this issue: 

 

ASIC fees and costs legislative instruments to be amended: PDS transition period 

As advised in ASFA Action issue 729 ASIC recently finalised its fee and cost disclosure requirements for superannuation funds and managed investment schemes. This was achieved by modifying the legislation through two legislative instruments, ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 and ASIC Corporations (Amendment) Instrument 2019/1071 and releasing a revised version of its related Regulatory Guide 97 (RG 97). 

The revised RG 97, ASIC Media Release 19-328 and the ASIC website all state that the new requirements will apply to PDSs ‘issued’ on or after 30 September 2020. In contrast, the legislative instruments refer to PDSs ‘given’ on or after this date. 

ASIC has advised ASFA that it will be amending the legislative instruments to align with the intention as stated in the updated RG 97. 

 

 

Grants of probate: Victoria moving to online system 

The Supreme Court of Victoria Probate Office has asked ASFA to alert our members to upcoming changes to the way that grants of probate will be issued. 

The Probate Office currently issues a hardcopy grant of probate to executors of deceased estates, or to solicitors acting on their behalf. From 15 April, grants will be issued online – which means that the original grant will be in a digital format. 

The Probate Office recognises that this may change the way that superannuation funds interact with probate documentation and may require changes to internal processes. Further information will be made available on the Court’s website closer to the launch date. 

 

 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

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