ASIC fee disclosure guidance pragmatic, but work needed to fix costly double-up

"The FPA welcomes the ASIC regulatory guide as a largely common sense approach to the many new disclosure obligations faced by our members from July 1.

"However, the FPA remains concerned by the introduction of a fee disclosure statement for existing fee paying clients. This obligation is cumbersome and creates costly duplication, and we would argue for further discussion and a quick resolution to the downside consequences of this approach in its current form.

"On the positive, the FPA is pleased with ASIC’s approach to introduce so-called "no-action" clauses in the regulatory guide as a pragmatic approach to resolving non-compliance where financial planners are unable to meet their obligations through no fault of their own," Mr Rantall said.