The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published a joint letter to all registrable superannuation entity (RSE) licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.
In the letter, the regulators call on RSE licensees to review their governance, risk management and oversight processes to ensure that only authorised and appropriate fees and other charges are deducted from members' superannuation accounts, and to promptly address any identified weaknesses or concerns.