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

Super fund fees drop to an average of 1.1%, first fall in six years

Superannuation fund fees have fallen for the first time in six years, down to 1.1% on average, largely due to cuts by retail fund in an effort to be more competitive. Super fund fees have fallen from an average of 1.2% in 2018 to 1.1% in 2019, the first fall in six years, according to… Continue reading Super fund fees drop to an average of 1.1%, first fall in six years

APRA & ASIC warn super funds over fees for no service

APRA and ASIC have written to all large superannuation funds about fees for no service, asking them to review how fees are deducted from member accounts and paid to third parties – including financial advisers. The regulators pointed to cases of fees for no service examined by the Royal Commission into Misconduct in the Banking,… Continue reading APRA & ASIC warn super funds over fees for no service

Super fund fees up 10% in last year, faster than growth in assets

Total superannuation fees are growing faster than superannuation assets, up 10% in the last year, Rainmaker Information has found. Total super fees were $32 billion, up from $29.1 billion in the previous year, says the firm. The average super fund member is paying 1.23% in fees in 2018, compared to 1.17% in 2017. ASIC fee… Continue reading Super fund fees up 10% in last year, faster than growth in assets

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

$45.6 billion worth of super trapped in ‘fat cat’ funds

$45.6 billion worth of superannuation is “trapped” in ‘fat cat’ super funds, charging high fees for low performance, according to Stockspot. The digital investment adviser and fund manager has released its 5th annual Fat Cat Funds Report. In 2017 there were 521 ‘fat cat’ super funds, including 217 fat cat funds that were on the… Continue reading $45.6 billion worth of super trapped in ‘fat cat’ funds

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

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

‘Significant changes’ to super fund fee disclosure coming, says ASIC

ASIC says there are “significant changes” coming to the way superannuation funds disclose fees and charges, making them more transparent and easier to understand. New rules for super fund fee and cost disclosure come into effect from 30 September 2017, with the end of a transition period. The changes were originally to apply from 30… Continue reading ‘Significant changes’ to super fund fee disclosure coming, says ASIC

ASIC allows more time for updated super fund fee and cost disclosure

ASIC has extended the transition period for the trustees of large superannuation funds to comply with updated fee and cost disclosure requirements, a move welcomed by ASFA. ASIC announced that it has extended the transition period for super fund trustees, among others, to comply with the updated fee and cost disclosure requirements for Product Disclosure… Continue reading ASIC allows more time for updated super fund fee and cost disclosure