The two regulators released a letter they had distributed to super trustees on Wednesday, outlining expectations on the back of the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021 coming into force.
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Regulators urge trustees to get tough on fee consent
APRA and ASIC’s guidance to the super sector on the eve of new fee consent requirements coming into play indicates they will expect trustees to play an active role in policing whether advisers are providing adequate services to members for the fees they are charging.
