A new guide for financial services product issuers has been released by the Australian Securities and Investments Commission (ASIC) to help them comply with the enhanced fee disclosure regulations released earlier this month.

Director of Policy and Research Mark Adams says the guide includes a series of questions and answers about the enhanced fee disclosure regulations as well as detailing the new changes.

“We will continue to monitor issues arising from compliance with the regulations and will issue further answers if necessary,” he said. “This will include any future guidance for superannuation issuers as they begin to comply with the new periodic statement requirements.”

The new regulations will affect fees, costs and transactions in product disclosure statements and include a standard fee template, a boxed consumer advisory warning and an example of annual fees and costs for balanced funds.

Mr Adams says ASIC will continue to take a reasonable approach to compliance during the first 12 months of the regulations and no action will be taken against issuers over minor and technical issues where an effort to comply has been made.