The RG97 reporting suite “complements Asset Servicing’s wider regulatory products” and was released following changes made to ASIC’s regulatory guide 97, which provides guidance on how to disclose fees and costs.
“We’ve worked alongside our customers to develop the product to support them in meeting their reporting obligations,” said NAB Asset Servicing general manager of products Allyson Bradnam.
According to Ms Bradnam, the RG97 reporting suite will compile and calculate fees and costs for both transactions and accounts as necessary under ASIC’s regulatory guide 97 requirements.
“The report provides clients with aggregated fees and costing information and also includes individual transaction fee and cost attributes to support audit and regulatory queries and customisable spreads,” she said.
The changes to regulatory guide 97 required fund managers and superannuation funds to update their product disclosure statements, and took effect on 1 February 2017.
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