The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said today he would ask the Australian Securities and Investment Commission to monitor adoption of the new model of fees and charges by the superannuation and funds management sector.
"The new model is a significant advancement towards getting this complex matter right and it's in the interests of industry and consumers that it is adopted universally," he said.
"The model is ASIC's recommended method for complying with the law, which requires all fees and charges to be disclosed in a clear, concise and effective form.
"If everyone in the industry is as concerned as they say they are about acting for the common good, then it makes sense they all follow this model. It will be a test of their commitment.
"ASIC will monitor uptake of the model between now and next June and report on who has and who hasn't used the guidelines.
"This model is the result of six months' work by industry, consumers and the regulator. It's the best first step of a continuing process of improvement and I can see no good reason why everyone should not get behind it."
PERTH
6 August 2003
Contact: Wayne Grant 08 9421 1755 or 0407 845280