10. Are RSE licensees required to report the fees and costs charged to members from accessible financial products offered on platforms? RG97 does not require these fees and costs to be reported in the platform PDS.
If the accessible financial products offered on platforms are managed investment schemes or other investment pools, should these fees and costs be reported on a "super equivalent" basis as expected by ASIC when providing examples of the combined effect of the fees and costs of both the platform and of the underlying accessible financial products for superannuation platform products.
Yes, under draft SRS 706.0, APRA is proposing that all standard and customised fee structures are required to be reported, this includes fees and costs that relate to accessible products available on platforms.
For a superannuation platform, the fees and costs for the accessible financial product should be reported using the fees and costs categories for a superannuation product (even if the accessible financial product is a managed investment scheme or other investment pool).
Under draft SRS 706.0, fees and costs should be reported to capture the experience a member will have when engaging in products, investment menus and investment options.
While fees and costs that relate to accessible products available on platforms are not required to be published in a fund's PDS, APRA still expects that RSE licensees would be monitoring all fees and costs that are charged to their members as part of their considerations of their suitability and of the outcomes provided to members.