10 December 2015
Draft product dashboard and portfolio holdings legislation good for consumers: ASFA
The Association of Superannuation Funds of Australia (ASFA) has welcomed the draft legislation released by the Government today on improving superannuation transparency through the implementation of the portfolio holdings and product dashboard regimes.
"The reforms proposed today by the Assistant Treasurer will assist consumers while limiting the costs of implementation, which are ultimately paid for by fund members," said Pauline Vamos, CEO, ASFA.
The addition of more targeted look through provisions to the portfolio holdings disclosure regime will achieve a better balance between transparency and compliance costs, according to ASFA.
The proposed legislation ensures that trustees will not be required to disclose commercially sensitive information, which recognises the need to ensure diversity of classes of assets in investment portfolios.
ASFA has described the choice product dashboard as an important initiative to enable greater comparability of the top ten investment options of the fund.
"The announcement creates greater certainty for the industry, but it is also important that the timeline for implementation is a minimum of 12 months to limit costs and implementation risks.
"We look forward to working with the Government on the details of the entire package announced today," concluded Ms Vamos.