The Revised Fees and Costs Disclosure Regime Under RG 97
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The long-awaited final amendments to the fees and costs disclosure regime for superannuation Product Disclosure Statements (PDSs) under Regulatory Guide 97: Disclosing fees and costs in periodic statements (RG 97) have been released.
The revisions are substantial and affect nearly every aspect of the regime. As a result, superannuation trustees will need to make a number of changes to their documents, systems and procedures.
This special one-hour virtual workshop looks at the major changes to the fees and costs disclosure regime, how to prepare to comply with the new regime, and the compliance dates
Facilitated by Lisa-Marie McKechnie, Partner, Financial Services Law at Ernst & Young, and Kathy Neilson, Senior Manager, Financial Services Law at Ernst & Young. Formerly at ASIC from 2016 to 2019, Kathy led the review and re-write of RG 97 up until Consultation Paper 308: Review of RG 97 Disclosing fees and costs in PDSs and periodic statements was released.
Partner, Financial Services Law, Ernst & Young
Lisa-Marie McKechnie is a Partner in EY’s Financial Services team in Sydney who specialises in superannuation and life insurance, prudential regulation and privacy and data protection.
Lisa-Marie advises trustees on all aspects of their fund operations including:
- life policies and indemnity insurance
- investment and asset management
- privacy and data protection
- administration and custodial agreements
- dealing with and advising on interventions and requisitions by regulators
- the restructure of superannuation arrangements including successor fund transfers, mergers and outsourcing arrangements
- AFS licence and RSE licence obligations, and
- advice, management and process for death benefit distribution.
Lisa-Marie is passionate about industry education and regularly presents for the Association of Superannuation Funds of Australia (ASFA) as well as the Australian Institute of Superannuation Trustees (AIST). She is a Director on the Board of the Financial Services Accountant’s Association (FSAA), and the NSW Chair of the Australasian Life Underwriting and Claims Association (ALUCA).
Senior Manager, Financial Services Law, Ernst & Young
Kathy Neilson is a Senior Manager in EY’s Financial Services team in Sydney who specialises in superannuation and life insurance, prudential regulation, regulatory change, corporate governance. and risk and compliance.
Kathy advises financial service clients on all types of issues including:
- regulator applications and submissions
- regulator engagement, investigation procedure and regulator priorities
- corporate governance and compliance
- superannuation, insurance and trust law and all aspects of the Corporations Act with a particular focus on Chapter 7, and
- risk and compliance requirements and the impact of legal and regulatory breaches.
Kathy was the Project Leader for the review and redrafting of the RG 97 fees and costs disclosure regime at the Australian Securities and Investments Commission (ASIC). She was directly involved in redrafting the regulatory guide and the legislative requirements, as well as consulting with industry to understand their concerns in relation to fees and costs disclosure.
Key topics to be discussed include:
- the key changes to the structure and content of RG 97
- what has not changed in RG 97
- timeline and commencement dates for the new regime including the early opt-in options
- how to prepare to comply with the new regime, including ASIC’s expectations and future potential surveillance by ASIC.
Who should attend?
- trustees and directors
- product managers
- CEOs, and senior management staff
- governance, compliance and risk professionals
- service providers
- those who support the board/trustee function.
What you’ll gain
Certificate of Attendance
How you’ll learn
One-hour online virtual workshop
ASFA’s virtual workshops are a live and interactive learning experience. Participants can engage with industry-leading presenters who are experts in their field, together with their peers, just like they would at an ASFA face to face workshop. It is a unique opportunity to workshop ideas and concepts in a collaborative online environment facilitated by experts.
Virtual workshops are limited to 30 participants to allow for discussion, and to ensure that participants have ample opportunity to ask presenters questions.