Minister Mulino Targets Super Advice Fee Caps
The government plans to mandate fee deduction limits for Australian super fund trustees following recent industry failures.
Updated on Oct. 22, 2026 in Financial Planning
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In August 2026, Minister for Financial Services Daniel Mulino announced plans to legislate advice fee deduction caps for super fund members. This move follows reports that trustees have frequently failed to perform required checks on financial advice documents.
Why it matters
The proposed legislation responds to concerns over inadequate fee oversight, heightened by the recent collapses of the Shield and First Guardian Master Funds. Trustees are now seeking more robust infrastructure to verify consent forms and fee disclosures.
An ASIC report from June 2026 revealed that three out of six major trustees failed to perform fee checks for at least one month. Implementing the necessary oversight infrastructure for these funds is estimated to take up to 12 weeks.
The players
Daniel Mulino
He is the Australian Minister for Financial Services responsible for overseeing regulatory policy in the superannuation sector.
ASIC
The Australian Securities and Investments Commission is the national regulator tasked with protecting consumers and maintaining market integrity.
The details
Trustees must verify that members have provided completed consent forms and that proper fee disclosures are present within advice documents. Many funds are now urgently seeking new oversight solutions to ensure compliance with these standards.
Timeline
June 2026: ASIC released report REP 833 regarding trustee fee oversight.
August 2026: Minister Mulino announced the intent to mandate fee caps.
October 2026: The current reporting period for these regulatory updates.
Market Dynamics
The proposed legislation extends the findings and regulatory concerns outlined in ASIC report REP 833. This shift reflects a move toward stricter government intervention to prevent repeat financial failures seen in recent industry collapses.
Members can expect greater protection against unauthorised fee deductions as trustees are forced to implement stricter verification processes. These changes aim to ensure that superannuation savings remain secure from potential administrative errors or oversight failures.
The takeaway
Superannuation members should regularly review their annual statements to identify any advice fees being deducted. Proactive monitoring of these charges can help catch discrepancies before they accumulate significantly.
Further reading
For more on managing superannuation contributions and fees, visit Financial Planning.
Source note: This article includes information reported by Financial Standard.
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Should the government mandate stricter oversight of fee deductions for super fund members?
