APRA and ASIC release letter to trustees on oversight of advice fees charged to members’ accounts
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are releasing a joint letter outlining the regulators’ expectations of superannuation trustees in their oversight of financial advice fees charged to members’ accounts.
The letter provides additional guidance for trustees in reviewing and improving their oversight framework and practices.
This additional guidance is informed by the cases identified during the financial services Royal Commission, other remediation processes undertaken by several trustees, and the new obligations introduced by the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021, which commences on 1 July 2021.
The letter can be found on the APRA website at: Further guidance on oversight of advice fees charged to members’ superannuation accounts.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.