SARA Now Checks for Consent Forms

Ensuring Compliance with Fee Consent Requirements

In response to recent changes to Fee Consent regulations, SARA now checks that your Statement of Advice (SOA) includes a Fee Consent Form when charging ongoing advice fees or establishing a fixed-term agreement from a superannuation account. This enhancement ensures compliance and helps streamline your advice processes.

What if the consent form is in a separate document?

If your Fee Consent Form is in a separate document from your SOA, SARA makes it easy for you to comply. You can load both documents into SARA for review, and it will consolidate them into a single index for thorough checking. This functionality eliminates the need to merge documents manually and ensures nothing is overlooked.

Do You Need a Consent Form for a Fixed-Term Agreement?

Yes, a Consent Form is still required when deducting fees from a superannuation account, even for fixed-term agreements. However, it is important to note that Consent Forms are not required for Non-Superannuation Investment or Investor Directed Portfolio Service (IDPS) accounts.

This requirement arises because superannuation trustees are mandated to have a member’s written request or consent—or a copy of such consent—before charging advice fees (non-ongoing fees) under arrangements that do not qualify as ongoing fee arrangements. This regulation helps safeguard members' interests and ensures transparency.

Learn More About Non-Ongoing Fee Arrangements

For more detailed information about non-ongoing fee arrangements and associated requirements, visit the link below:

ASIC FAQs on Non-Ongoing Fee Requests or Consents

By aligning with these updates, SARA continues to help advisers maintain compliance and enhance operational efficiency. If you have any questions about using SARA for Fee Consent checks, feel free to reach out for support.