This afternoon the Fairfax media published a report about ASIC’s policy development for generic calculators undertaken nearly 10 years ago.

ASIC relief and policy guidance on online calculators resulted in consumers having access to generic calculators as an education aid. Our work included extensive public consultation. The following public statements which were issued at the time outline the factors that went into providing the relief:

• IR 04-17 ASIC provides guidance on superannuation calculators

• IR 05-22 ASIC provides details on financial services refinement projects

• IR 05-32 ASIC provides relief and guidance for providers of superannuation calculators

• IR 05-46 ASIC consults on proposed relief and guidance for online calculators

• IR 05-64 ASIC releases policy on calculators

The law requires that product issuers clearly disclose the fees and charges that a consumer pays in relation to the particular product they are considering. This must be disclosed in the product disclosure statement or statement of advice. This is a long-standing cornerstone of financial regulation.

On the issue of secondees, ASIC, in common with practice of regulators around the world, seconds industry and other experts to utilise their skill and augment its knowledge and expertise. The secondments are subject to robust conflict management procedures.