IFSA's super charter alters fee structure
|
|
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.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
