ASIC extends transition period for PDS rules

ASIC extends transition period for PDS rules

The corporate regulator has pushed out the deadline for new PDS fee and cost disclosure requirements for super funds and responsible entities until 30 September 2017.

ASIC has extended the transition period for Regulatory Guide 97, which lays down new rules for the way fees and costs must be disclosed to investors.

The regime was set to begin for super funds and responsible entities of fund managers on 1 February 2017, with the industry currently in a transition period.

However, the transition period will now be extended until 1 October for product issuers who notify ASIC in writing by 31 January 2017 that they intend to take advantage of the extension.

"We encourage issuers to adopt the updated requirements as early as possible to provide greater transparency to consumers about their fees and costs, noting that the information for each product provided to ASIC will not be published in a manner that would identify the issuer of each product," said the regulator in a statement.

"ASIC has extended the transition period in response to applications from industry associations which had raised concerns that information provided for some products by an earlier date may not be reliable and may not assist consumers in comparing fees and costs."

Financial Services Council (FSC) chief executive Sally Loane welcomed the announcement of the extension of the transition period, describing it as a "pragmatic decision".

"It is important consumers have access to the most accurate fee information to inform their investment decisions," Ms Loane said.

"The FSC has campaigned for this extension to allow product providers time to present the required data in a uniform way and facilitate better like-for-like product comparison, as the regulations have always intended."

Read more:

ANZ wealth sale ‘not about capital’

Investor confidence decreases in November

Prepare for rising US inflation, says SLI

Super changes could hit 300,000 pensioners

Franklin Templeton restructures, makes hires


ASIC extends transition period for PDS rules
investordaily image
ID logo
promoted stories


Blake Briggs

FSC loses two senior policy managers

Tim Stewart

John Patrick Moorhead

AMP Capital appoints new CFO

Staff Reporter

Phoebe Ieong

BNY Mellon appoints head of distribution, APAC

Staff Reporter


Doug Morris

What a blockchain-powered ASX should mean

Doug Morris

Lucy O’Carroll

Separating the signals from the noise

Lucy O’Carroll

Dan Bosscher

Could passive investing have structural issues?

Dan Bosscher