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The retail funds management and retail master trust industry has sought to draw a line in the sand on fees and charges, with the Investment and Financial Services Association (IFSA) releasing a superannuation charter which, apart from locking in a fee structure, would also preclude advertising based on performance or fee estimates.
The charter will apply to members of IFSA and will not necessarily be accepted by industry superannuation funds.
The charter, launched today, carries the ratification of the major members of IFSA including AMP, AXA, BT, Colonial First State, ING, Macquarie and MLC.
Launching the charter, IFSA chief executive John Brogden chose to focus on the fees element, declaring that fees for financial advice will, in future, be clearly separated from the fees members pay for their superannaution.
Further, he claimed that consumers would be able to save up to 25 per cent on existing fees under the new standards.
Outlining the changes inherent in the charter, Brogden said superannuation members would have to agree to the amount they paid for the advice and how the adviser got paid, and would have the ability to stop paying an adviser if they wanted to cease their relationship.
