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06 May 14 Choice product dashboard and portfolio holdings disclosure - start date deferred

The government has decided to defer the start dates for the Choice product dashboard and the portfolio holdings disclosure requirements until 1 July 2015: Acting Assistant Treasurer media release (5 May 2014).

The Choice product dashboard, which is intended to enable greater comparability of superannuation products, was due to start on 1 July 2014. The portfolio holdings disclosure regime for RSE licensees, which will require a licensee to publish on a website portfolio holdings information relating to financial products or other property in which assets, or assets derived from assets, of the entity are invested, was due to start as from the reporting period ending on 30 June 2014.

The government says that it remains fully committed to these reforms as part of efforts to improve the efficiency, transparency and competitiveness of the superannuation system.

However, in the course of consultations on the “Better regulation and governance, enhanced transparency and improved competition in superannuation” discussion paper it has become clear that large parts of the industry are not ready for implementation and that many issues remain unresolved.

The government believes that deferral of the start date will allow sufficient time for consultation on draft legislation and provide industry additional time to implement the changes.

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