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November 29, 2017

ASIC hires industry expert to review fees and costs disclosure settings

The Australian Securities and Investments Commission (ASIC) has hired industry veteran Darren McShane to conduct a review of fees and costs disclosure in superannuation and management investments.

McShane, who has extensive experience in the superannuation and managed investments industry, will review the current state of Regulatory Guide 97 (RG97) to ensure that it is providing greater transparency for consumers, the regulator said.

He will start the review from December 2017 and is expected to be wrapped by the end of the first half of 2018.

Until recently, McShane served as chief regulation and policy officer and executive director of the Mandatory Provident Fund Schemes Authority in Hong Kong. Prior to that, he was chairman of the International Organisation of Pension Supervisors Technical Committee.

“The aim of the this review is to ensure that legislative modifications and regulatory guidance issued by ASIC will best meet in practice the objective of improving fees and costs transparency for consumers,” the securities regulator added.

The review will consider both the value of fee and cost information for consumer decision making and the extent to which it assists consumers (including by contributing to market analysis) in comparing products; and the practicalities and costs of producing fee and cost information.

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