Issue 856, 21 June 2022
In this issue:
Your Future, Your Super performance test: APRA FAQs
APRA has published a new set of frequently asked questions (FAQs) to provide further guidance on the administration of the Your Future, Your Super performance test.
The four new FAQs address:
- deadlines for the submission of data used in the performance test
- notification to registrable superannuation entity (RSE) licensees about their performance test result
- expectations of RSE licensees who may fail the test for a second consecutive year
- APRA’s approach to combining performance history for MySuper products that have been authorised under a material goodwill authorisation.
Super disclosure instruments remade
ASIC has made legislative instruments to continue, with limited changes, existing relief from specific financial services disclosure requirements relevant to superannuation and financial advice. This follows consultation earlier this year on seven instruments that were due to automatically repeal or cease in the next two years if not remade (see ASFA Action issue 842).
The relief is set out in three new legislative instruments that replace the seven existing instruments:
- ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496 - this provides relief in relation to Product Disclosure Statement (PDS) in-use notices for employer-sponsored superannuation and choice product dashboard disclosure
- ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497 - this provides relief in relation to shorter PDSs and PDS obligations for superannuation trustees, IDPS operators and responsible entities of IDPS-like schemes
- ASIC Corporations (Financial Services Guide Given in a Time Critical Situation) Instrument 2022/498 – this provides relief in relation to the giving of Financial Services Guides in time critical situations.
The relief set out in the new instruments will expire on 1 October 2027.
ASIC has also registered ASIC Corporations (Repeal) Instrument 2022/499. This instrument repeals the seven existing relief instruments as well as a further four instruments that are now redundant.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
