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
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
