ASIC looks to HK expert on RG97
The Australian Securities and Investments Commission (ASIC) has recruited the Chief Regulation and Policy Officer and Executive Director of the Mandatory Provident Fund Schemes Authority in Hong Kong, Darren McShane to conduct an expert review of fees and costs disclosure in superannuation and management investments.
The regulator announced on Tuesday that the appointment followed its decision to have an external expert review of Regulatory Guide 97 on Fees and costs disclosure to ensure that it was effectively meeting its objective of providing greater transparency for consumers.
It said McShane would commence the review next month and was expected to complete the exercise by the end of the first half of 2018.
ASIC said that during the review it would be facilitating industry input to McShane who would be meeting with service providers, representatives of both industry and retail funds, and funds at various levels of compliance with RG 97.
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