Absurd standards on fee disclosure

There's a comical component in the prospectus published yesterday by Macquarie Group in connection with their planned sale of preference shares.

Perhaps these are common already, or perhaps they are just becoming common.

Under the label "consumer advisory warning" Macquarie felt obliged - in the case of an investment with no fees attached - to itemise nine fee categories, to state that the fees on each category are nil, and that the notional fee, "when paid", would be $0.

And it was preceded by a spiel headed "Did you know?" and referencing the website of the Australian Securities and Investments Commission, who must be responsible for this crime against common sense.