ASIC Regulatory Guide 245: Fee disclosure statements
Australian financial services (AFS) licensees and representatives of AFS licensees who have entered into ongoing fee arrangements with retail clients must provide these clients with a fee disclosure statement (FDS) on an annual basis. This guide explains the FDS obligations in Div 3 of Pt 7.7A of the Corporations Act 2001 (Corporations Act). In particular, it provides guidance on:
who must give an FDS;
how to prepare an FDS; and
how and when an FDS must be given.
In addition to the obligation to give an FDS, other fee and remuneration disclosure and conduct obligations apply to AFS licensees and their representatives. These obligations include the disclosure of certain information in the Financial Services Guide (FSG) and in any Statements of Advice (SOAs).
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