Acting Assistant Treasurer Senator Mathias Cormann on Mon 5.5.2014, announced that the Government has decided to defer the start date for the choice product dashboard and the introduction of a portfolio holdings disclosure regime to 1 July 2015. The choice product dashboard is intended to enable greater comparability of superannuation products, while the introduction of a portfolio holdings disclosure regime will require reporting of specific superannuation fund investments.
He said it had become clear that large parts of the industry were not ready for implementation and that many issues remain unresolved. To proceed with the original timetable now would force too many industry participants into a state of non-compliance with legal requirements, Senator Cormann said. Therefore, the Government will defer the start date to 1 July 2015.
Source: Acting Assistant Treasurer’s media release, 5 May 2014
[LTN 83, 5/5/14]