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: fee
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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 …
June 2020
Enforceable Code ProvisionsRecommendation 1.15Enforceable code provisions for industry codes of conduct Mortgage Brokers – Reference CheckingRecommendation 1.6Reference checking and information sharing for mortgage brokers Point of Sale ExemptionRecommendation 1.7Removal of Point of Sale Exemption Financial Advice Annual RenewalsRecommendation 2.1Annual Renewal 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 …
2.1 — Annual renewal and payment
The law should be amended to provide that ongoing fee arrangements (whenever made): must be renewed annually by the client; must record in writing each year the services that the client will be entitled to receive and the total of Read More …
Increasing protections
There are recommendations that seek to change, or add to, the law, or industry codes of conduct, in ways that will increase protections to consumers from misconduct or conduct that falls below community standards and expectations. Those recommendations are: about Read More …
Trustees’ obligations
Recommendation 3.1 – No other role or office The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a Read More …
Ongoing fee arrangements
Recommendation 2.1 – Annual renewal and payment The law should be amended to provide that ongoing fee arrangements (whenever made): must be renewed annually by the client; must record in writing each year the services that the client will be Read More …