On Tuesday, ASIC rolled out the external review of its new fee regime for super funds, investment products and platforms – here are three key ways the proposed changes will affect you and your clients.
As background, the original idea behind the RG97 regime was to improve disclosure standards across the industry so that customers (including advisers) could better compare and contrast different options, and get a clearer picture of what costs would be involved over time. Back then, ASIC found there was “considerable inconsistency” in these disclosures.
In some cases, when the regime came into effect on September 30 last year, fees rose by up to 40% - this had a significant effect on industry funds, many of which invest in unlisted property and infrastructure.
Two months later, ASIC announced it would appoint an external expert, former Hong Kong Mandatory Provident Fund Schemes Authority chief regulation and policy officer Darren McShane, to
05 February, 2019
Remember: the devil's in the detail.
04 February, 2019
A range of recommendations have been made in the final report.
25 September, 2018
Here's what it means for the sector.