Superannuation trustees must have a member’s written consent or a copy of the consent to deducted fees under a non-ongoing fee arrangement before they deduct non-ongoing fees from the member’s account.
The written consent from a fund member must contain, as a minimum, the following requirements:
- the name of the member
- the name and contact details of the superannuation fund
- the name and contact details of the provider of the financial product advice
- an explanation of why the member’s consent is being sought
- how long the consent will last
- information about the services that the member will be entitled to receive under the arrangement
- a statement to the effect that the member can withdraw their written consent at any time before the cost is passed on to the member (by contacting the fund)
- a date indicating when the consent was given by the member
- costs to be deducted from the member’s account and identifying which account(s) the costs will be deducted from, and
- details where costs are passed on to the member other than be deducting fees from their account.
Financial advice fees from choice accounts are only permitted to be collected where the requirements relating to ongoing fee arrangements have been met and the superannuation trustee is satisfied that ongoing services are being provided.
Refer to the section titled Ongoing Fee Arrangements (OFAs) for further information about the requirements to provide an annual Fee Disclosure Statement (FDS), an annual renewal notice (opt-in), and annually seek the client’s consent to deduct advice fees.
