In response to recommendations 3.2 and 3.3 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Government has released for exposure:
- Draft legislation to remove a superannuation trustee’s capacity to charge advice fees from MySuper products. Superannuation trustees would still be permitted to charge fees in relation to intra-fund advice as administration fees.
- Draft legislation to remove the capacity of a superannuation trustee to charge advice fees to a member (other than fees for intra-fund advice) unless certain conditions are satisfied. For ongoing fee arrangements, the new conditions would include the new requirements outlined in Recommendation 2.1 (annual renewal, identification of services that will be provided and consent to the charging of fees).
You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Retirement Income Policy Division
Parkes ACT 2600
Phone: Emily Hodges +61 2 6263 2111