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CLIENT UPDATE 1 November 2010

Is your Superannuation PDS up to Scratch? ASIC’s Report 214 Review of Superannuation PDSs was released last week. The Report sets out ASIC’s findings following its 2010 review of 200 product disclosure statements (PDSs) for superannuation products. Under its review, ASIC identified a number of disclosure issues in PDSs. These included that some PDSs are hard to understand, could provide better information to enable consumers to make informed investment choices or were not up-to-date.

What should superannuation trustees do now? Because Report 214 Review of Superannuation PDSs identifies areas of specific concern to the regulator, superannuation trustees should first make sure that they and their relevant staff and service providers are aware of Report 214. Then trustees should ensure that their PDSs are compliance-checked against the relevant legal requirements, with special regard for the issues identified by ASIC in Report 214. Trustees may consider it appropriate to take these steps before the next scheduled roll out of their PDSs. Paul Cleary has extensive experience in the drafting and compliance-checking of disclosure and promotional documents and would be pleased to offer his services in relation to superannuation PDSs.

For more information, please contact: Paul Cleary Partner T: 02 8257 5760 M: 0407 052 170 paul.cleary@turkslegal.com.au

Sydney | Level 29, Angel Place, 123 Pitt Street, Sydney, NSW 2000 | T: 02 8257 5700 | F: 02 9239 0922 Melbourne | Level 10 (North Tower) 459 Collins Street , Melbourne, VIC 3000 | T: 03 8600 5000 | F: 03 8600 5099 Insurance & Financial Services | Commercial Disputes & Insolvency | Workers Compensation | Business & Property

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CLIEN T U P D A T E

Is your Superannuation PDS up to Scratch?  

ASIC’s Report 214 Review of Superannuation PDSs was released last week. The Report sets out ASIC’s findings following its 2010 review of 200...

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