Opposition to push fee disclosure further

disclosure superannuation funds federal government government financial services association IFSA

27 May 2004
| By Mike Taylor |

TheFederal Opposition is signalling its intention to move even further than the Government in terms of life-time fee disclosure with respect to superannuation.

The Opposition Spokesman on Financial Services, Senator Stephen Conroy, says given the impact that fees can have on a person’s final retirement income, Labor believes it is important to disclose the cost of fees over time.

Conroy used an address to theInvestment and Financial Services Association(IFSA) to highlight the failure of both IFSA and theAssociation of Superannuation Funds of Australia(ASFA) to reach agreement on a single fee model as requested by the Federal Government.

He says the failure of both associations to reach an agreement will now result in the Federal Treasury imposing a model, which is scheduled for release over the next few months.

“In our view, the single fee model should provide consumers with a single fee to allow them to compare different products and in addition, should show consumers the cost of fees over time,” Conroy says.

“Our objective is to empower consumers to make informed investment decisions.”

He says for consumers to be empowered they have to be given the information required to make fully informed decisions.

“In our view, the information needed includes the cost of fees over time,” Conroy says.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

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

1 month 1 week ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month 2 weeks ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 3 weeks ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

4 days 10 hours ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

4 weeks ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

3 weeks 2 days ago

TOP PERFORMING FUNDS