Fees
There are requirements that apply to deduct, or arrange to deduct, advice fees under a fee arrangement with a client.
These requirements have been amended by Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2001 (the DBFO Act) with effect from 10 January 2025 (start day). More information about the DBFO Act, including transitional periods, is available at Delivering Better Financial Outcomes (DBFO) package.
Refer to the following for guidance on requirements applying to fee arrangements entered into or last renewed before and after the start day:
| Before 10 January 2025 | After 10 January 2025 |
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FAQs: Ongoing fee arrangements Information Sheet 256 FAQs: Ongoing fee arrangements (INFO 256) answers frequently asked questions (FAQs) about the obligations that apply to fee recipients who provide personal advice to retail clients under an ongoing fee arrangement. |
FAQs: Ongoing fee arrangements and consents Information Sheet 286 FAQs: Ongoing fee arrangements and consents (INFO 286) answers frequently asked questions (FAQs) for financial advisers who must get a client’s written consent to enter into or renew an ongoing fee arrangement and about ongoing fees under that arrangement. |
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FAQs: Non-ongoing fee consents Information Sheet 280 FAQs: Non-ongoing fee consents (INFO 280) answers frequently asked questions (FAQs) for financial product advice providers who need to get a superannuation fund member’s consent to charge non-ongoing fees to their superannuation account. |
FAQs: Non-ongoing fee requests or consents Information Sheet 287 FAQs: Non-ongoing fee requests or consents (INFO 287) answers frequently asked questions (FAQs) for financial advisers who must get a client’s written request or consent to charge non-ongoing fees to a client’s superannuation account. |
Fees for no service: Remediation
Information Sheet 232 Fees for no service: Remediation (INFO 232) explains:
- the background to ASIC’s fees-for-no-service project
- what a fee for no service is
- guidance on how Australian financial services (AFS) licensees should remediate fees for no service
