Consent must be obtained before certain types of adviser service fees can be deducted from your retail client's account. Under legislative requirements, effective 1 July 2021, consent must be obtained in a format compliant with the ASIC instruments and contain prescribed information (for example about the services being provided to your super and pension clients, and a fee estimate where the amount is unknown).
These rules apply to IDPS, superannuation and pension accounts.
For ongoing adviser service fees, client consent should be renewed annually. We'll stop the deduction of advice fees at the time the consent expires (as set out in the form) if a subsequent consent isn't received. The consent period will typically end 150 days after the anniversary of the start date for an ongoing fee arrangement.
Advisers can account for indexation through this annual consent process by setting increases to ongoing fees at this time.
Please note, these changes to advice fee consent don’t apply to your clients’ Cash Management Accounts (CMAs).
To find out more about advice fee consent legislation, please visit the ASIC website.