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.