FSC backs RG97 external report
The Financial Services Council (FSC) has expressed its support of the Australian Securities and Investments Commission’s (ASIC’s) external report in relation to RG97, the regulations around fees and costs disclosure in the superannuation and funds management industry.
The FSC commended Darren McShane for his independent review of the report and said it looked forward to working with ASIC in considering its findings.
FSC chief executive officer, Sally Loane, said the Council strongly supported transparency and strong governance to deliver the best outcomes for customers, and particularly backed recommendations that focussed on simplifying products.
“Report 581 is a strong foundation from which appropriate and meaningful outcomes for both product issuers and consumers can be achieved,” she said.
“FSC members have invested considerable time and resources to comply with the disclosure requirements of RG97 and we are pleased this important work can progress.”
AUTHOR
Anastasia Santoreneos
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
