Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements
RG 97 provides guidance on how fees and costs should be disclosed in Product Disclosure Statements (PDS) and periodic statements. The changes become effective on 30 September 2022 and are relevant for most superannuation products, and managed discretionary account (MDA) services. The key changes are outlined below.
There are no additional fees or costs charged to the client. The way certain fees and costs are outlined in the disclosure documents and periodic statements are changing in order to provide better transparency.
What is changing?
- Transaction costs are now included in the Fees and costs table and the fee example. This does not mean that fees and costs have increased – it is just the way the fees are now presented.
- Indirect Cost Ratio has been removed and split into estimated Investment fees and costs and Transaction costs.
- Performance fees, where applicable, are calculated based on an average of the previous five financial years where the investment or Managed Portfolio has been active for a five-year period.
- Fees and costs deducted from your investment and Other fees and costs have been added to the Fees and costs summary in the Mason Stevens Super annual member statement. This change was reflected in last financial year’s member statement.
For more information on RG97 please refer to the ASIC guide.
Limited Power of Attorney
To assist you with transferring your client's investments into their Mason Stevens Wealth account, your client's can now grant us the authority to complete and execute transfer documents for specific investments on their behalf.
Please complete and sign the Limited Power of Attorney which can be accessed here.
Please contact your Relationship Manager if you have any questions, we are here to assist.