Advice Fees in Superannuation

The submission to the Treasury in relation to the Exposure draft Bill Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2020 Measures)) Bill 2020: fees (FSRC Rec 3.2 and 3.3) was prepared by the he Superannuation Committee of the Legal Practice Section.

• they cannot be charged against a member’s MySuper account;
• otherwise can only be charged against a member account subject to a new set of conditions, including:
  - express written consent by the member to the fee recipient;
  - the trustee holding that consent or a copy; and
  - in accordance with a permitted arrangement.

You can read the full submission below.
 

Last Updated on 14/04/2021

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