King & Wood Mallesons congratulates the industry in developing fees and costs disclosure guidance

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King & Wood Mallesons (KWM) congratulates the RG97 Industry Working Group (IWG) on the release of its Fees and Costs Disclosure – Guidance. Partner, Nathan Hodge, worked closely with the Working Group to help prepare industry guidance, which will assist both super funds and managed investment schemes to comply with new fee and cost disclosure regulations.

Exemplifying true cross-industry co-operation, the IWG brought together all parts of the Australian financial services industry to prepare Guidance for all the industry in response to the Australian Securities and Investments Commission's (ASIC) RG 97 disclosure requirements. It helps funds to appropriately disclose fees and costs in product disclosure statements and periodic statements.

The Guidance - initially prepared by AIST and King & Wood Mallesons and then later extended by the IWG - answers many questions raised by industry about how to comply with the new RG 97 rules.

The Guidance represents the next step to true transparency in the retail financial services market, with further work to come in 2018 with ASIC's expert external review.

The Guidance is supported by The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST), and the Financial Services Council (FSC) and is available to view in each body's webpage.