The Financial Services Council has praised Australia’s financial services system after data from Morningstar revealed Australia was among the best in the world for investment fees, ranking it as one of the most ‘investor friendly’ countries.
Data released last week showed Australia was joint top with the Netherlands and the United States for being investor friendly when it came to investment fees and expenses, retaining the position from Morningstar’s 2017 study.
Its ‘Global Investor Experience’ study surveyed 26 countries for the report including Australia, United Kingdom, Germany and Canada.
FSC chief executive, Sally Loane, said: “This result shows Australia’s managed funds are up there with the best of the world when it comes to fees, providing great value for investors.
“The Morningstar report attributes Australia’s strong result to competition and economies of scale which have lowered fees.
“Australia also performed well, according to the report, because of the ending of commissions when investors buy into a fund.”
Further data from the report would be released by Morningstar in due course with the next part covering regulation and taxation.