FSC backs RG97 external report

FSC/ASIC/The-Financial-Services-Council/

image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND