{"id":"F2021L00301","name":"ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126","slug":"asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":101414,"registerId":"commonwealth-F2021L00301-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126 as in force on 29 June 2023. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc140757669)\n\n[1 Name of legislative instrument](#_Toc140757670)\n\n[3 Authority](#_Toc140757671)\n\n[4 Definitions](#_Toc140757672)\n\n[Part 2—Determination](#_Toc140757673)\n\n[5 Requirements for giving written consent to pass on advice costs to member](#_Toc140757674)\n\n[Endnotes](#_Toc140757675)\n\n[Endnote 1—Instrument history](#_Toc140757676)\n\n[Endnote 2—Amendment history](#_Toc140757677)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126.\n\n3 Authority\n\nThis instrument is made under subsection 99FA(2) of the Superannuation Industry (Supervision) Act 1993.\n\n4 Definitions\n\nIn this instrument:\n\nfinancial product advice has the meaning given by section 766B of the Corporations Act 2001.\n\nongoing fee arrangement has the meaning given by section 962A of the Corporations Act 2001.\n\nSIS Act means the Superannuation Industry (Supervision) Act 1993.\n\nPart 2—Determination\n\n5 Requirements for giving written consent to pass on advice costs to member\n\n(1) The requirements in this section are specified for the purposes of subparagraph 99FA(1)(d)(ii) of the SIS Act in relation to giving written consent by a member of a regulated superannuation fund to permit the trustee or trustees of the regulated superannuation fund to pass the cost of providing financial product advice in relation to the member on to the member.\n\n(2) A written consent may only be given by a member by signing, or otherwise agreeing in writing (including electronically) to the terms of, a written consent which complies with this section and must also bear a date indicating when the consent was given by the member.\n\n(3) The written consent must include the following information:\n\n(a) the name of the member at the time the member signs (or otherwise agrees in writing to the terms of) the written consent;\n\n(b) the name and contact details of the fund;\n\n(c) the name and contact details of the person who, at the time the member signs (or otherwise agrees in writing to the terms of) the written consent, is to be the provider of the financial product advice;\n\n(d) an explanation of why the member’s consent is being sought;\n\n(e) how long the consent will last;\n\n(f) information about the services that the member will be entitled to receive under the arrangement;\n\n(g) as applicable:\n\n(i) where the cost is passed on to the member by way of deducting fees from the member’s superannuation interest—a statement to that effect, including details of the interest;\n\n(ii) otherwise—an explanation of how the cost is passed on to the member, including details of the interest;\n\n(h) as applicable:\n\n(i) where subparagraph (g)(i) applies:\n\n(A) the amount of the fees to be deducted from the member’s superannuation interest; or\n\n(B) if the amount of the fees cannot be determined—a reasonable estimate of the amount and an explanation of the method used to work out the estimate;\n\n(ii) where subparagraph (g)(ii) applies:\n\n(A) the amount of the cost; or\n\n(B) if the amount of the cost cannot be determined—a reasonable estimate of the amount of the cost and an explanation of the method used to work out the estimate;\n\n(i) a statement to the effect that the member can withdraw their consent at any time before the cost is passed on to the member by contacting the fund.\n\n(4) The written consent must be worded and presented in a clear, concise and effective manner.\n\n  \n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2021/126          | 24/3/2021 (see F2021L00301) | 1/7/2021             |                                                |\n| 2023/512          | 28/6/23 (see F2023L00880)   | 29/6/2023            |                                                |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 5(3)(a)    | am. 2023/512 |\n| Section 5(3)(c)    | am. 2023/512 |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: specifying consent requirements for passing on advice costs to superannuation members. The 2023 amendments were minor technical clarifications regarding the timing of member names and adviser details, not an expansion of scope."},"complexity_factors":["Short length (only 5 substantive sections)","Minimal defined terms (only 3 definitions in section 4, all referencing external legislation)","Single operational requirement (section 5) with a clear checklist format","No nested exceptions or complex conditional logic — subsections (3)(g) and (3)(h) use simple 'if/then' alternatives","Limited cross-referencing (only references to SIS Act and Corporations Act for definitions)","Straightforward amendment history (only 2 minor amendments in 2023 clarifying timing of name/details)"],"plain_english_summary":"This instrument sets mandatory rules for obtaining members’ written consent before superannuation funds can deduct fees to pay for financial advice. It affects super members, fund trustees and advisers by ensuring withdrawals for advice only occur with clear, dated consent that can be electronic or paper.\n\nIt matters because it protects retirement savings by requiring informed, current details at signing — a 2023 update requires the member’s name and the adviser’s contact information to be accurate at the time of consent."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument was amended in 2023 (see endnotes). The amendments specifically altered the information requirements in section 5(3)(a) and 5(3)(c) — i.e. the particulars to be recorded about the member’s name at signing and the identity/contact details of the adviser/provider. Those changes adjust the required content of consents and therefore the operational scope of what trustees must collect and retain when obtaining member consent."},"complexity_factors":["Cross-references to other statutes: uses defined terms from the Corporations Act (financial product advice, ongoing fee arrangement) and relies on subsection 99FA(1)(d)(ii) of the SIS Act.","Detailed mandatory content list: multiple specific information items required in every written consent (member name, fund and provider contact details, reasons, duration, services, cost mechanics and amounts or estimates with method).","Timing nuance: consent must bear a date and can be withdrawn only before the cost is passed on, creating precise operational timing for trustees and funds.","Electronic consent permitted: requires systems for reliable electronic agreement capture and storage.","Subjective presentation requirement: consent must be “clear, concise and effective”, which imposes a qualitative compliance judgment on trustees and may increase supervision/compliance burden.","Amendment history: 2023 amendments modified subsection references (s5(3)(a) and s5(3)(c)), changing the precise information required in consent forms and thus altering implementation practices."],"plain_english_summary":"This instrument sets out the exact form and content of a member’s written consent before a superannuation trustee may pass the cost of providing financial advice on to that member. It applies to members of regulated superannuation funds, trustees and the named advice provider, requires specific identity, cost, duration and service information (or reasonable estimates and methods), allows electronic signing and lets members withdraw consent before the cost is actually passed on. It matters because it determines who pays, who must record what, and when consent can be revoked."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126","history":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126/history","analysis":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126/analysis","conflicts":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126/conflicts","importantCases":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126/important-cases","documents":"/api/acts/asic-superannuation-consent-to-pass-on-costs-of-providing-advice-instrument-2021-126/documents"}}