Investment, Insurance, Superannuation
Recently legislated changes under the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 require superannuation trustees to be satisfied of the following two criteria related to Adviser Service Fees:
We’ve updated our forms and processes to ensure they comply with this law.
Where you have a draft in progress you’ll be prompted to validate any new fields under the new requirements which include services checkboxes for ongoing arrangements. Once updated, you should download the advice fee form or application form again (whichever is applicable) for your client to sign - ensuring the form complies with the new requirements.
We can only accept advice fee forms generated prior to 10 January 2025 for a grace period of 30 days.
Services checkboxes are being added to the 10 January 2025 version of the Adviser Service Fee Form to comply with the new fee consent requirements. To ensure this information is included and to enable the efficient processing of any forms received, we recommend all advice fee forms submitted from 10 January 2025 should use the new advice fee form.
We will accept old advice fee consent forms 120 days until 9 May 2025 for renewals with an anniversary/reference date prior to 10 January 2025. Old application forms that have an advice fee arrangement will be accepted for only 30 days until 8 February 2025.