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ARTICLE · 08 MAY 2012

Government releases intra-fund advice charging rules for superannuation trustees

Hall & Wilcox
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The Government has released for consultation an exposure draft of the third tranche of Stronger Super legislation.

AustraliaFinance and Banking
Pamela McAlister
Pamela McAlister
Adrian Verdnik
Adrian Verdnik

The Government has released for consultation an exposure draft of the third tranche of Stronger Super legislation – the draft Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.

The draft legislation will introduce a new Part 11A to the Superannuation Industry (Supervision) Act 1993 (SIS Act) to set rules around the costs that can be charged across members by trustees for intra-fund advice.

The key piece of legislation in relation to intra-fund advice is section 99F, which reads:

99F Cost of financial product advice

  1. This section applies if financial product advice is provided to a member of a regulated superannuation fund by:
    1. a trustee of the fund; or

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