Australian Securities & Investments Commission starts targeted review of superannuation fee disclosure rules for stamp duty and private credit

The Australian Securities & Investments Commission has commenced a targeted review of Regulatory Guide 97 fee and cost disclosure requirements, focusing on the treatment of stamp duty payments that must be disclosed in product disclosure statements and periodic statements. The work responds to concerns raised at an investor roundtable convened by the Treasurer that current disclosure settings can affect Australian Prudential Regulation Authority superannuation fund performance test results and may discourage superannuation investment in property. The review will assess whether changes can improve outcomes without weakening disclosure, including how RG 97 drives the calculation of fee-adjusted returns used in the performance test. It will also consider whether class order relief should be provided to align how internally and externally managed private credit arrangements are disclosed, with the aim of improving consistency and potentially supporting lower-cost internal management for members. ASIC will lead the review with industry representatives and Treasury involvement, seek direct submissions from experts and key stakeholders, and report by 30 November.