Last week, ASIC invited industry feedback on interim changes to stamp duty and portfolio holdings disclosure requirements and a planned full review of RG97 (disclosing fees and costs in product disclosure statements), signalling a positive shift towards greater transparency and accountability in superannuation.

ASIC proposes to amend stamp duty disclosure by averaging the cost over seven years. It also proposes to make transparency obligations consistent for both internally and externally managed private debt.

The proposed changes are a good first step on regulatory simplification and reducing barriers to efficient investment to generate the strongest possible long-term risk-adjusted returns for members.

They come after meetings the regulator held earlier in the year with a working group made up of super funds, investment managers, consumer groups and other industry bodies.

“The proposed approach promotes transparency and disclosure outcomes that can inform good consumer investment allocation decisions. We thank the working group members for their time on this.” noted ASIC Commissioner Simone Constant.

Yet the changes do not fully resolve all issues of consumer comparability and competitive neutrality.

That is why a full review of RG97 is crucial to identify further changes to facilitate investment in growth assets such as property, infrastructure, and venture capital to deliver the strongest long-term returns to grow the retirement savings of millions of everyday Australians.

ASIC has committed to this. The sooner the better.