Details of other significant benefits—disclosure of fees, charges or expenses
7.9.20A Details of other significant benefits—disclosure of fees, charges or expenses
For subsection 1017D(5A) of the Act, in providing details of a deduction for fees, charges or expenses in accordance with paragraph 7.9.20(1)(kb):
the amount must be stated in dollars; or
if ASIC determines that, for a compelling reason, it is not possible to state the amount of a deduction in dollars the amount of the deduction may be set out as a description of the fees, charges or expenses as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate); or
if ASIC determines that, for a compelling reason, it is not possible to state the amount of a deduction in dollars, or to set out the amount as a percentage, the product issuer may provide:
a statement informing the holder of the product that amounts for fees, charges or expenses are applicable; and
if information about the deduction is not provided in the statement mentioned in sub‑subparagraph 7.9.20(1)(ka)(ii)(B)—details of the means by which a product holder can gain access to information relating to the amount.
A determination under paragraph (1)(b) or (c) must be:
in writing; and
published in the Gazette.
This Act’s bill:Explanatory statement
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