Concerns remain across the financial services sector following the tabling in parliament on 27 March 2024 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024. Nevertheless, the sector is broadly supportive of the legislation, although some details still need to be finalised.
The final version of the legislation allows trustees to deduct fees from members’ account to pay for the cost of financial advice relating to the super fund.
“This is standard practice and this was a technical clarification to make it happen,” says BT’s Head of Financial Literacy and Advocacy, Bryan Ashenden.
“Trustees still need to be satisfied advice is personal and relates to the members’ interest in the fund. However, there’s no requirement in the final version of the draft legislation for the trustee to be satisfied the fee is appropriate. This reduces red tape for trustees.”
The legislation also gives…