The corporate regulator released a report on Tuesday revealing inconsistencies in fee disclosure across the industry.
ASIC raised concerns about practices such as ‘fee gaming’ in the report by which super products are structured with the intention of disclosing lower fees and costs than would otherwise be required.
AIST policy and research manager David Haynes said he is pleased ASIC recognises the need to “protect consumers against super funds that hide or deliberately under-disclose their fees and costs for market advantage”.
Mr Haynes said the AIST is particularly concerned about products that are promoted as low-fee or no-fee products when fees are merely hidden.
“Funds not disclosing in the spirit of laws requiring full disclosure can be misleading consumers,” said Mr Haynes.
“In a compulsory super system, consumers must be able to easily compare funds based on meaningful and consistent information about fees and costs.”
