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Australian regulator hires expert for review of superannuation fee rules

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Australian regulator hires expert for review of superannuation fee rules

Australia's corporate regulator appointed Darren McShane to conduct a review of new fees and costs disclosure rules for managed investment and superannuation funds.

McShane's appointment came after the Australian Securities and Investments Commission on Nov. 1 announced a review of Regulatory Guide 97 or RG 97, which contains the new fees disclosure rules, in wake of complaints from industry groups.

ASIC said the aim of the the review is to ensure that legislative modifications and regulatory guidance issued by the regulator will best meet in practice the objective of improving fees and costs transparency for consumers. The review will build upon work and stakeholder feedback to date.

In September, a report commissioned by Industry Super Australia stated that RG 97 was not simple and enough for consumers to compare fees among super funds. ASIC has since delayed implementation of RG 97 until the review is completed by the end of first half of 2018.

McShane previously worked as chief regulation and policy officer and executive director of the Mandatory Provident Fund Schemes Authority in Hong Kong.