The Financial Planning Association of Australia The Financial Planning Association of Australia

Paying advice fees from superannuation

Financial advice fees cannot be collected from MySuper accounts from 1 July 2021, except if relates to intra-fund advice.

Royal Commission recommendations 3.2 (no deducting advice fees from MySuper accounts) and 3.3 3.3 (Limitations on deducting advice fees from choice accounts) aim to strengthen consumer protection. Legislation contained in the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021  became effective on 1 July 2021.