1. When do I have to get written consent?

You will need to get a member's written consent to deduct fees or costs under a non-ongoing fee arrangement from the member's superannuation account. This is because superannuation trustees must have a member's written consent or a copy of the consent before they deduct non-ongoing fees from the member's account.

The written consent must meet the requirements in the ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126.

2. What information must be included in the written consent?

The written consent from a fund member must contain, as a minimum, the following requirements:

• the name of the member
• the name and contact details of the superannuation fund
• the name and contact details of the provider of the financial product advice
• an explanation of why the member's consent is being sought
• how long the consent will last
• information about the services that the member will be entitled to receive under the arrangement
• a statement to the effect that the member can withdraw their written consent at any time before the cost is passed on to the member (by contacting the fund)
• a date indicating when the consent was given by the member.

The written consent must also set out the costs that will be deducted from the member's account and details of the superannuation account(s) that the costs will be deducted from.

If the cost is to be passed on to the member by deducting fees from the member's superannuation account(s), the written consent must include: 

• a statement to this effect
• information about the superannuation account(s) and the amount of fees to be deducted or, if the amount cannot be determined, a reasonable estimate of the amount and an explanation of the method used to work out the estimate.

Sometimes the cost is to be passed on to the member other than by deducting fees from their account(s) (e.g. by increased insurance premiums). In this case, the written consent must include:

• an explanation of how the cost will be passed on
• information about the superannuation account(s) and the amount of the cost or, if the amount cannot be determined, a reasonable estimate of the amount and an explanation of the method used to work out the estimate.

The written consent must be worded and presented in a clear, concise and effective manner.

See our example written consent form (non-ongoing fees) (PDF 88 KB) for an example of a written consent that meets the requirements in ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126.

3. If I provide a member's written consent to their superannuation fund, or a copy of the consent, does the fund need to deduct the fee?

A superannuation trustee is not required to deduct a fee under a non-ongoing fee arrangement from a member's superannuation account if provided with the member's written consent, or a copy of the consent.

This is because superannuation trustees have a discretion whether to deduct the non-ongoing fee under their existing obligations. As a minimum, superannuation trustees can only deduct advice fees (other than fees for intra-fund advice) from a member's superannuation account if the following conditions are satisfied:

• the fee or cost is in accordance with an arrangement that the member has entered into
• the member has consented in writing to being charged the fee
• the trustee has the written consent or a copy of it, and the written consent meets the requirements in ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126.

4. Can the written consent be provided to the member with other information?

Yes. The written consent may be provided to the member with other information. For example, an advice provider may meet the requirement to provide information about services by attaching an extract from the relevant Statement of Advice to the consent form.

You may also use one document to deal with a member's written consent to deduct non-ongoing fees from multiple superannuation accounts. The document must state the amounts to be deducted from each superannuation account, include details of the superannuation accounts and the member must separately consent to the amount for deduction from each account.

5. Can the written consent be provided electronically?

Yes. You can seek written consent electronically (e.g. via email or on a secure webpage).

The member can also sign the written consent electronically.

The member can provide electronic consent in different ways. For example, the member could tick a box on a webpage in response to a statement like: 'By ticking the box, you consent to $XX being deducted from your superannuation account.' 

6. Does the written consent have to state the date when consent is given?

Yes. The written consent must include the date on which the consent was given by the member. This could be done by adding the date on the consent or time stamping the consent.