Wednesday, 10 April 2019

Consultation Paper 308: Review of RG 97 Disclosing fees and costs in PDSs and periodic statements

This submission raises concerns that the latest fee and cost disclosure proposals from the Australian Securities and Investments Commission (ASIC) will deny consumers who invest their super through platforms and managed investment schemes (MIS) important consumer protection measures. As part of its response to the Darren McShane review of the RG 97 fee and cost disclosure requirements, ASIC proposes to defer its decision on platform disclosure and the alignment of managed investment scheme disclosure with that of superannuation. AIST’s submission warns that ASIC’s proposals will create an uneven playing field on disclosure across the super system. We also raise concerns about confusions which will occur with technical issues if the proposals are implemented as currently framed