The Australian Securities and Investments Commission (ASIC) has released a revised version of the good practice model for fee disclosure in the product disclosure statements of investment products. Executive Director of Financial Services Regulation Ian Johnston says the new model improves access by investors to information about the fees and costs they will incur for an investment product.

“The improvements have been made following stakeholder consumer testing of the initial version of the good practice model, and a further consultation process with industry stakeholders,” he said.

ASIC released the initial version of the good practice model last August. Its 2003 report highlighted several areas where industry consensus would further aid consumer understanding and the improved fee model reflects developments on issues including the disclosure of fees gross of tax and the separate disclosure of administration and investment management costs.