Effective from 1 July 2021, under the ASIC Corporations (Consent to Deductions – Ongoing Fee Arrangements) Instrument 2021/124 and ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126 the trustee of Mason Stevens Super is required to receive written consent from members before deducting advice fees from a members account.
Any instructions to add, amend or renew advice fees from 1 July 2021 must be provided on the new Advice fee consent form.
Any ongoing fee arrangement entered into after 1 July 2021 will cease 150 days after the next anniversary date and must be renewed by the member for the fees to continue to be deducted from the member’s account.
What does this mean for advisers?
- From 1 July 2021 for any new advice fee or amendments to an advice fee please use the Renewal or change of advice fees form.
- For new accounts opened on or after 1 July 2021, please ensure the application form is accompanied by a completed and signed Renewal or change of advice fees form for Mason Stevens to open the member’s account and deduct advice fees.
- For any new account opened on or after 1 July 2021 any ongoing or one-off Advice fees will not be deducted or reversed if a valid Renewal or change of advice fees form has not been provided.