ASIC updates the fees and costs disclosure regime

In November 2019, ASIC released a major update of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements, to achieve better outcomes for consumers by providing greater clarity on disclosure obligations for product issuers of superannuation and managed investment products. ASIC has since made further minor amendments to RG 97 and the associated legislative instrument including implementation timing, due to COVID-19. JANE ECCLESTON, ASIC’s Superannuation Senior Executive Leader, provides an overview.

Transparent fees and costs are important for the proper functioning of the market, and product issuer accountability. Effective fees and costs disclosure support better decision-making by consumers and the advisers who assist them. Regulatory Guide 97 Disclosing fees and costs in PDSs and Periodic Statements (RG 97) provides guidance on how fees and costs should be disclosed in Product Disclosure Statements (PDSs) and periodic statements. It aims to promote greater transparency and achieve better consumer outcomes by setting standards for the clear presentation of fees and costs information. While disclosure on its own is not sufficient to ensure consumers achieve...

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ASIC updates the fees and costs disclosure regime

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ASIC updates the fees and costs disclosure regime

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