What is it about?
The paper argues that many charges in pensions systems are not related to cost but allow rents to be extracted by service providers.
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Why is it important?
In Australia alone, the effect of these costs is a hundreds of billions of dollars of wealth tranfer from the pensions system to the financial services sector.
Perspectives
It's about time that disclosure obligations focused on the consumer harms in the system. Alternatively, regulating the pensions system using utility regulation tools will achieve a similar, but more interventionist, approach.
Associate Professor Rob Nicholls
University of New South Wales
Read the Original
This page is a summary of: Do it once, get it right: Wholesale regulatory intervention in price and cost disclosure, Law and Financial Markets Review, October 2017, Taylor & Francis,
DOI: 10.1080/17521440.2017.1375217.
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