Deloitte committed to transparent, fair competition in superannuation
5 February 2016: The headline in the AFR Friday 5 February 2016 that ‘Retail super funds let off hook in ‘dashboard’ rules, says Deloitte’ is a superficial perspective on Deloitte’s absolute commitment to providing products and services that are in the ‘best interest of the customer’.
Deloitte is committed to supporting transparency and fair competition.
In superannuation, Deloitte believes any member making an investment choice, needs to have access to detailed product information. Investment options, like the proposed exemptions from dashboard requirements, are generally offered by retail platforms which provide detailed product and performance information appropriate for members and advisers.
This means that the Government’s proposal to provide product dashboards for the top 10 choice options, with exemptions for e.g. single-manager products in platforms, strikes a reasonable balance between disclosure requirements, cost, and consumers’ ability to make informed choices that are in their best interests.
The legislation does not differentiate or favour. It exempts products, regardless of segment, where a dashboard is deemed an unnecessary additional form of disclosure.
Deloitte apologises for any inconvenience or misunderstandings from the article.
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