Consultation kicks off on fee consent forms

Mike Taylor

Managing Editor and Publisher

28 October 2024

The Treasury has signalled the start of work on a new approach to financial advice fee consent forms.

Stakeholders and interested parties have received notification from Treasury that it is seeking feedback from interested stakeholders on the potential design of an approved consent form.

The Treasury notification noted that the exercise was part of the DBFO legislation and the power of the minister to approve a form covering ongoing fee arrangements or authorising the deduction of ongoing fees.

The Treasury told stakeholders that the Government only intended to approve a form “if there is broad consensus from stakeholders and where it is clear that efficiency benefits will be achieved”.

However, it also said that it was Treasury’s intention to finalise the design of the new form prior to the new arrangements under the first tranche of the DBFO legislation starting on 10 January, 2025.

It said this is because Treasury is aware that such a move will require system changes by some stakeholders.