Our aim was to gauge how well PDS issuers were complying with the new regime and identify any measures we might take to increase compliance, such as industry guidance. We found that issuers have made a good effort to comply with the regime and any non-compliance tended to be technical rather than substantive.

ASIC Commissioner Greg Tanzer said, ‘Some issuers have responded imaginatively to the requirements of the new regime to educate consumers, for example, about how superannuation works and the relationship between risk, return and investment time horizons. We are pleased to see initiatives that seek to improve consumer understanding.’

We did identify areas where industry may benefit from further guidance when preparing a shorter PDS and we have updated Information Sheet 155 ShorterPDSs: Complying with requirements for superannuation products and simple managed investment schemes (INFO 155) to reflect this.

INFO 155 provides concise guidance for industry on technical issues related to implementation of the product disclosure regime under Pt 7.9 of theCorporations Act 2001 (Corporations Act) and the related Corporations Regulations for superannuation products and simple managed investment schemes, referred to as ‘the shorter PDS regime’. Updates to INFO 155 post our review clarify.

• page restrictions, font size and formatting of ‘warnings’
• employer-sponsored members and employer PDSs
• whether and how investment options may change, and
• treatment of accumulation and pension interests in the one superannuation fund.

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