RG97 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 .

8 January 2019 update

To keep you informed in relation to RG97 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 .