Superannuation Industry (Supervision) Act 1993

PART 11A - GENERAL FEES RULES  

SECTION 99FA   COST OF FINANCIAL PRODUCT ADVICE - FEES CHARGED TO MEMBER CONCERNED  

99FA(1)  
The trustee or the trustees of a regulated superannuation fund must not directly or indirectly pass the cost of providing financial product advice in relation to a member of the fund on to the member, unless:

(a)  the cost is to be paid in accordance with the terms of an arrangement entered into by the member; and

(b)  the trustee passes the cost on, or the trustees pass the cost on, in accordance with the terms of a written consent of the member; and

(c)  if the arrangement is an ongoing fee arrangement:


(i) the consent is of a kind described in paragraph 962R(2)(a) or 962S(3)(a) of the Corporations Act 2001 ; and

(ii) if requirements that apply in relation to the consent are determined under section 962T of that Act - the consent complies with those requirements; and

(d)  if the arrangement is not an ongoing fee arrangement:


(i) the consent is for the trustee or the trustees to directly or indirectly pass the cost of providing financial product advice in relation to the member on to the member; and

(ii) if requirements that apply in relation to the consent are determined under subsection (2) - the consent complies with those requirements; and

(e)  the trustee has, or the trustees have, the consent or a copy of the consent.

Note:

If the arrangement is an ongoing fee arrangement, it may be terminated as a result of section 962F or 962FA of the Corporations Act 2001 .

99FA(2)  
ASIC may, by legislative instrument, make a determination specifying requirements for the purposes of subparagraph (1)(d)(ii) .

99FA(3)  
Subsection (1) does not apply if the cost is shared by passing it on to the member mentioned in subsection (1) and to other members of the fund.




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