Key considerations:

• the value of the information currently required to be provided in PDSs and periodic statements in relation to fees and costs and whether this assists consumers in making an investment decision;
• the extent to which the current fee and cost regime results in disclosure which assists consumers (including by contributing to market analysis) in comparing superannuation and MIS products;
• the practicalities of producing information required for disclosure of fees and costs under RG 97, including the cost to consumers of doing so, as well as whether it might lead to decisions adverse for the long-term interests of consumers; and
• how the legislative modifications and guidance outlined in RG 97 could be amended to improve clarity and ease of implementation.

The recommendations and observations set out in this report are quite broad in scope. They include a number of quite technical points about fee items and their definition, a number of suggested improvements to the disclosure tools, some suggestions for better support mechanisms for consumers and some observations about how fee disclosure might evolve going forward (Chapter 8.5). Given that most comments received from stakeholders were focussed on more technical details, some might not have expected recommendations to extend beyond the fee items and definitions. All of the observations and recommendations are directed at addressing the stated aim of the Review and the policy objective of achieving disclosure outcomes that can better support consumers in making more confident and informed value-for-money decisions. In addressing the more technical points it became apparent that the policy objective could not be met by merely responding on those technical issues and broader issues also warranted consideration in parallel.