FSC backs RG97 external report
The Financial Services Council (FSC) has expressed its support of the Australian Securities and Investments Commission’s (ASIC’s) external report in relation to RG97, the regulations around fees and costs disclosure in the superannuation and funds management industry.
The FSC commended Darren McShane for his independent review of the report and said it looked forward to working with ASIC in considering its findings.
FSC chief executive officer, Sally Loane, said the Council strongly supported transparency and strong governance to deliver the best outcomes for customers, and particularly backed recommendations that focussed on simplifying products.
“Report 581 is a strong foundation from which appropriate and meaningful outcomes for both product issuers and consumers can be achieved,” she said.
“FSC members have invested considerable time and resources to comply with the disclosure requirements of RG97 and we are pleased this important work can progress.”
AUTHOR
Anastasia Santoreneos
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
