AIST supports the Expert Review. Our key concerns with the Disclosure Regime stem from members being placed in a position of not being able to compare products, the inability at system level of comparing fees, costs and returns, and the legislative onus to both collect and report not including investment managers, which hold the data in the first place. AIST strongly advocates that there is a need to clearly articulate the objectives and the underlining principles for the Regime, which (in being applied) would lead to a better outcome for both consumers and the system as a whole.