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rg 97

Understanding the new fee and cost disclosure requirements

Overview

To make it easier for customers to compare different super and investment products, new legal requirements have been introduced for disclosure of fees and costs. This is an industry-wide change for all issuers of super and managed investment products.

Updated ASIC Regulatory Guide 97 ('RG 97') summarises these new requirements.

 

  • There are some changes to the amounts and types of fees and costs stated in our disclosure documents and your clients' statements. However, it's important to note that:

    • There are no new fees or costs being charged, so your clients won't pay any more. These are simply changes to how existing fees and costs are disclosed.
    • There's no impact on the after fee and cost performance of your clients' investments. The way we calculate investment performance hasn't changed.

    The key change relates to the disclosure of indirect costs, which are generally the costs of the underlying investments of a super or managed investment product. RG 97 requires these costs to be calculated differently and some new items to be included. Although the actual costs your clients pay won't change, the amount of indirect costs disclosed will generally be higher than what has previously been disclosed.

    For more information about the changes, please refer to the FAQs.

  • The changes were reflected in updated disclosure documents on 29 September 2017.