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ARTICLE · 14 JULY 2017

ASIC enforces section 29QB disclosure obligations on superannuation funds

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Trustees should review their internal procedures to ensure compliance with the disclosure obligations of section 29QB.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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Last week, ASIC announced that it had intervened over potential breaches of section 29QB of the Superannuation Industry (Supervision) Act 1993 (Cth). The section requires superannuation funds to disclose Transparency Information on their websites and keep it up to date at all times. Disclosure obligations on superannuation entities in relation to their websites appear to have tripped up 21 superannuation trustees.

Trustees should review their internal procedures to ensure they are complying with section 29QB. They should also ensure they are ready for the balance of disclosure requirements for which transitional relief will end in 2019. These relate to requirements for employer-sponsored sub-plan information, product dashboard requirements for choice products and portfolio holdings disclosure requirements.

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