RG 97 Industry Guidance, produced by an Industry Working Group (IWG), has been prepared in response to ASIC’s RG 97 that commenced on 30 September.
This Guidance is supported by the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), and the Financial Services Council (FSC).
The industry Guidance helps funds to appropriately disclose fees and costs in product disclosure statements and periodic statements.
The IWG has also developed fee and cost mapping tables, which provide assistance to funds in understanding what are ‘fees and costs’, as well as where such fees and costs are to be disclosed. We note that the fee and cost mapping tables – as well as other items – will be subject to the review recently announced by ASIC.
Documents
View the Industry Guidance pdf here .
View the fee and cost mapping table pdf here .
View the private equity fee and cost mapping table pdf here .
View the Consolidated Schedule 10 of the Corporations Act, with Explanatory Statements pdf here .
This version incorporates amendments made by the following -
- Treasury Laws Amendment (Protecting Your Superannuation Package) Regulations 2019; and
- ASIC Corporations (Amendment) Instrument 2019/599.
The FSC thanks Nathan Hodge of King & Wood Mallesons for providing the updated document.
View the RG97 Industry Working Group Fees and Disclosure Q&A pdf here .
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8 January 2019 update
To keep you informed in relation to RG 97 we provide the following updated information:
On 8 January 2018 released its long-awaited Consultation Paper in relation to proposed amendments to the RG 97 regime following on from the Darren McShane report of August 2018 to ASIC. The three relevant documents are:
1. pdf Consultation Paper 308 (CP 308) of 8 January 2019 ;
2. pdf Attachment 1 to CP 308 ; and
3. pdf Attachment 2 to CP 308 .
January 2020 update
On 29 November 2019, ASIC released an updated RG 97 and a new Instrument introducing a new Schedule 10 to the Corporations Act; prescribing the requirements for fees and cost disclosure in PDSs and periodic statements for superannuation products and for collective investment vehicles. Details of this Instrument, transitional provisions and the updated RG97 may be found at this link.
The IWG will meet shortly to discuss revision of the existing RG 97 Industry Guidance.
This page will be updated as required in due course.