Amendments to laws clarify that superannuation trustees may charge fees for advice provided to members from members' individual superannuation accounts, so long as the following requirements are met (and if charging the fee is not inconsistent with the trustee's other regulatory obligations):
- The advice provided is personal advice about the member's interest in the superannuation fund;
- The trustee charges the fee for providing the advice in accordance with the terms of a written request or written consent of the member;
- The trustee has a copy of the member's request or consent;
- If the advice is provided under an OFA, any consent requirements that apply to OFAs still need to be met in relation to the arrangement and deduction of ongoing fees;
- If the advice is provided on a one-off basis, the member's request or consent must contain information about the payment of the fee in accordance with section 99FA(2) of the SIS Act – for example, including details about what services the fee relates to, the amount to be paid, consent to deduct from the member's account.
These amendments will commence on 10 January 2025.
Note: These amendments do not apply to MySuper products.
If you have any questions about how the changes apply to your business, please contact us.
Background
The Delivering Better Financial Outcomes Act 2024 ("DBFO Act") introduces amendments to the Superannuation Industry (Supervision) Act 1993 ("SIS Act").
Further Reading
- An overview of the DBFO Package (Tranche 1)
- Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
