The Australian Securities and Investments Commission has “granted a limited no-action position” to address an issue with advice fee written consent.

The issue, which was “raised by the advice industry”, involves the inclusion of account numbers in clients’ written consent for the deduction of or arranging the deduction of ongoing advice fees. 

“ASIC is calling on financial advisers and superannuation trustees to ensure they are complying with client consent requirements when entering into ongoing fee arrangements,” the regulator said.

The commission says that to rely on the no-action position, a financial services licensee or representative must enter into a new ongoing fee arrangement (OFA) with the client and seek a new written consent to deduct or arrange to deduct fees, including to cover the period when fees were deducted under a non-compliant written consent.  

“The revised OFA must comply with all the requirements in section 962T of the Corporations Act. If this is not in place by September 5 2025, the fee recipient must take steps to stop receiving fees.

“Superannuation trustees should review their processes for the oversight of advice fee deductions and ensure that any written consents comply with the Corporations Act requirements.”