The Delivering Better Financial Outcomes (DBFO) legislation became effective on 10 January 2025 with the following key changes to fee consents:
- “Anniversary date” is replaced with “reference date” for determining the renewal period.
- A new fee consent must be obtained up to 60 days (previously 30 days) before the reference date, and before 150 days after the reference date.
These changes apply to ongoing fee arrangements entered into or renewed on or after 10 January 2025. Existing ongoing fee arrangements will transition to the new rules upon their first renewal after this date.
Updates to the Mason Stevens platform
The platform and our forms have been updated to reflect these changes, including:
- Amending "anniversary date" to "reference date" on our forms, and
- Adjusting the online application form and fee renewal functionality to align with the new 60-day window.
How will current ongoing fee arrangements in place on 10 January 2025 be impacted?
Existing fee arrangements as of 10 January 2025 can continue under current rules until the next reference date. If not renewed within 150 days after the reference date, the arrangement will terminate. New ongoing fee arrangements will follow the updated consent rules as mentioned above.
Which forms have been updated?
Please be sure to download and use the following latest forms when providing instructions to Mason Stevens:
- Application form
- Advice fee consent form
- Account conversion form
Can we use our own fee consent forms when providing instructions to Mason Stevens?
For Global Investment Service (Wealth) accounts, Mason Stevens has discretion to accept third-party consent forms for ongoing fees if they are signed by the account holder/s and comply with legislative requirements, including clearly identifying the Mason Stevens account, fees, reference date, and adviser details. Please note that Mason Stevens will not assess the legal validity of third-party fee consent forms.
For Mason Stevens Super (Super) accounts, the Trustee of the super fund requires that all fee consents are instructed using the Mason Stevens Super Advice Fee Consent form.