ASIC investment manager and superannuation senior manager Alex Purvis spoke at AIST’s Australian Superannuation Investment conference in Alice Springs on Friday.
Mr Purvis said the regulator will be watching over super trustees to ensure they are meeting their disclosure requirements under the Superannuation Industry (Supervision) Act 1993 (‘SIS Act’)
“We will be undertaking surveillance work in relation to Stronger Super and I mention that in reference to section 29QB [of the SIS Act],” Ms Purvis said.
“We will also do some more specific Stronger Super work where we may serve notices on trustees, do on-site visits and look more comprehensively, right across the board,” she said.
Ms Purvis said ASIC will also be ensuring super trustees meet disclosure requirements, complaints handling requirements and intrafund requirements “if there is an intrafund business model they are using”.
Trustees are required under section 29QB of the SIS Act to publish on their website the details of executive, including remuneration, fund product disclosure statements and governing rules.
Ms Purvis also said ASIC will be focusing on cutting red tape including anything that might “be a barrier to potential innovation in terms of electronic disclosure”.
“We are also looking back through our class orders to determine whether they are still appropriate – if you look back through some of our class orders, you realise the world has often moved on and perhaps some of those need to be revisited,” Ms Purvis said.
“We are also looking at things like forms and processes to see where we can cut back some of the red tape.”
