Recommendation 3.1 – Trustees of RSENo other role or office for trustees of Registrable Superannuation Entities (RSE) Recommendation 3.2 –Advice Fees – My SuperNo deducting advice fees from My Super accounts Recommendation 3.3 – Advice Fees – Choice SuperLimitations on Read More …
Tag: advice fees
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Advice Fees – Choice Super Recommendation 3.3 – June 2020Limitations on deducting advice fees from choice superannuation accounts Advice Fees – My Super Recommendation 3.2 – June 2020No deducting advice fees from My Super accounts ASIC and APRA – Oversight Read More …
Measures to Improve Consumer Protections
Recommendation 1.7 – Removal of point‑of‑sale exemption Recommendation 1.15 – Enforceable code provisions for industry codes of conduct Recommendation 2.1 – Annual renewal and payment for financial advice Recommendation 2.2 – Disclosure of lack of independence of financial advisers Recommendation Read More …
3.3 — Limitations on deducting advice fees from choice accounts
Deduction of any advice fee (other than for intra‑fund advice) from superannuation accounts other than MySuper accounts should be prohibited unless the requirements about annual renewal, prior written identification of service and provision of the client’s express written authority set Read More …
3.2 — No deducting advice fees from MySuper accounts
Deduction of any advice fee (other than for intra‑fund advice) from a MySuper account should be prohibited. Government Response The Government agrees to prohibit the deduction of any advice fees from a MySuper account (other than for intra–fund advice).
Recommendations – Superannuation
Recommendation 3.1 — No other role or office Recommendation 3.2 — No deducting advice fees from MySuper accounts Recommendation 3.3 — Limitations on deducting advice fees from choice accounts Recommendation 3.4 — No hawking Recommendation 3.5 — One default account Read More …