Cbus welcomes RG97 review

2 November 2017

Cbus Super welcomes ASIC’s decision to review Regulatory Guideline 97 – disclosing fees and costs in PDS and periodic statements (RG97) as a sensible step forward.

Cbus strongly supports creating clear and consistent fee and cost disclosure requirements across all superannuation funds and investment platforms that are meaningful and instructive to consumers and we are committed to working with the regulator to see this happen.

We believe that a review of the proposed changes is necessary given the inconsistencies and uneven application of the current RG97 regime.

Cbus CEO David Atkin said that Cbus has led in providing improved transparency to its members including in the reporting of fees and costs.

“Clear and consistent disclosure is essential for members and consumers. Cbus has always taken a leading position in this area and welcomes the regulator recognising the need to do further work to ensure they develop a meaningful and universally applicable framework.”