ASIC updates guidance on fees and costs for super and managed investments

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ASIC has updated its guidance on fee and cost disclosure for superannuation and managed investment products.

ASIC has released updated guidance on fee and cost disclosure for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes after it said it found inconsistencies in industry practice and under-disclosure of fees and costs. The regulator said its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements has been updated to make sure fees and costs disclosed to investors are accurate and that fees and costs are disclosed more consistently.

"Accurate and consistent fees and costs disclosure is extremely important for consumers when making decisions about their superannuation and managed investments," ASIC commissioner Greg Tanzer said.

Tanzer said the updated guidance followed extensive industry consultation. The new guidance on fee and cost disclosure can be found here.