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ASIC seeks feedback on fee disclosure
The Australian Securities and Investments Commission (ASIC) is looking for industry feedback around key fee and cost disclosure requirements for superannuation and managed investment products.
ASIC wants feedback on proposed changes to indirect costs, double counting and fee issues for superannuation products, cost disclosure around investing through interposing entities by managed investment products and the best way to put consumer advisory warning for some products.
"ASIC is responding to industry concerns to clarify some of the key fee and cost issues that will help improve the quality and consistency of disclosure," Commissioner Greg Tanzer said.
Calls for industry feedback comes after ASIC issued a report (REP 398) earlier this year on fee and cost disclosure in super and managed investment products.
"REP 398 outlined ASIC's work in this space, which will also include a review of Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements to reflect the effect of the Stronger Super reforms and any other legislative changes," ASIC said in a statement.
ASIC said a draft class order has been given to industry associations and participants and asked for industry feedback by 17 October.
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