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Portfolio disclosure legislation 'imminent'

Portfolio disclosure legislation 'imminent'

Tim Stewart
— 1 minute read

In her first major speech to the financial services industry, Assistant Treasurer Kelly O'Dwyer has indicated that a revised framework for the super product dashboard and portfolio holdings disclosure regimes will be revealed "imminently".

Ms O'Dwyer addressed a Financial Services Council/BT breakfast event in Sydney yesterday, laying out the government's agenda for superannuation during the present term.

The speech comes after Ms O'Dwyer delivered the government's response to the Financial System Inquiry alongside Prime Minister Malcolm Turnbull and Treasurer Scott Morrison on 20 October 2015.

Ms O'Dwyer restated the government's ambition to enshrine the objective of superannuation in legislation.

"This will help align policy settings, industry initiative and community expectations," she said.

The Assistant Treasurer also defended the government's intention to require all superannuation funds to have a minimum of one-third independent directors on their boards.

"Despite misleading claims by some vocal agitators against the legislation in the Senate, it will not preclude equal representation of the remaining two-thirds of the trustee board, nor will it change successful investment strategies," Ms O'Dwyer said.

The government will also resurrect the process around the choice product dashboard and the portfolio holdings disclosure regimes in coming weeks, she said.

The process was deferred by the Abbott government in May 2014 and has been the object of bitter opposition by the superannuation industry.

"The government is also committed to improving transparency and comparability of information so consumers can make informed decisions and drive greater competition in the industry," Ms O'Dwyer said.

"The government is aiming to strike the right balance between minimising the compliance burden on superannuation funds, and enhancing transparency and comparability of information for consumers. You will see this imminently."

 

 

Portfolio disclosure legislation 'imminent'
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