Updated RG 97 fee disclosure rules will leave consumers more confused

ASIC has released new rules for how super funds will have to disclose fees and costs in PDSs and statements, but an industry group says the changes will leave consumers more confused. ASIC has released an updated version of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97). ASIC Commissioner… Continue reading Updated RG 97 fee disclosure rules will leave consumers more confused

ASIC super fund fee disclosure rules could confuse consumers further

Industry Super Australia has warned that new superannuation fee disclosure rules could actually further confuse consumers. ASIC has been consulting on proposed changes to Regulatory Guide 97 (RG 97), which provides guidance on the disclosure of fees and costs in PDSs and periodic statements. “ASIC is committed to ensuring that consumers who actively seek information… Continue reading ASIC super fund fee disclosure rules could confuse consumers further

RG97 report finds it’s difficult for consumers to compare fee information

A report into the RG97 fee disclosure rules has found that it is difficult for consumers to compare fees for financial products, but the report has been welcomed by the superannuation and financial services industry. Shortly after ASIC’s Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements rules came into effect in… Continue reading RG97 report finds it’s difficult for consumers to compare fee information

ASIC appoints head of RG 97 review, expects report first half 2018

ASIC has announced the appointment of Darren McShane will head up the review of newly introduced super fund fee and cost disclosure rules. Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97) came into effect on 1 October 2017. In early November ASIC announced that the rules would be reviewed. “The… Continue reading ASIC appoints head of RG 97 review, expects report first half 2018

ASIC to review RG 97 super fund fee disclosure rules

ASIC has announced a review of the recently implemented RG 97 rules for disclosing super fund fees and costs. ASIC’s Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements took affect on 1 October 2017. The regulator says it will work with an external expert to conduct a review of RG 97, “to… Continue reading ASIC to review RG 97 super fund fee disclosure rules

Super fund fees ‘jump’ after new rules, but members shouldn’t worry

Average superannuation fund fees have ‘jumped’ following the introduction of new disclosure rules, but this is nothing for fund members to worry about says Chant West. The average super fund fee increased by 0.19% – from 0.95% to 1.14% – following the introduction of ASIC’s Regulatory Guide 97 (RG97) rules. All this increase came from… Continue reading Super fund fees ‘jump’ after new rules, but members shouldn’t worry

Consumers rate fees as most important when choosing a super fund

New research indicates consumers rate fees as the most important factor when choosing a superannuation fund, at a time when changes to disclosure rules may be making fee reporting less reliable. Asked what mattered to them most when selecting a super fund 74% of those surveyed said fees were either extremely important or very important,… Continue reading Consumers rate fees as most important when choosing a super fund

Government has only days to stop RG97 super fund ‘fee-asco’

The Government has only days to step in and stop a ‘fee-asco’ in super fund disclosures. New fee and cost disclosure rules for super funds apply from 1 October, under ASIC’s Regulatory Guide 97 (RG97). Industry Super Australia says these new fee disclosure rules are “fundamentally flawed”, create risks for investors and give “substantial advantage”… Continue reading Government has only days to stop RG97 super fund ‘fee-asco’

Impossible to compare super funds under new fee disclosure rules

New superannuation fee disclosure rules will make it impossible for consumers to compare super fund fees and costs, says Industry Super Australia. Industry Super Australia (ISA) says that ASIC’s new Regulatory Guide 97 (RG97) was designed to inject greater transparency into the, “often murky”, fees and costs that are “unwittingly borne by consumers”. However the… Continue reading Impossible to compare super funds under new fee disclosure rules