Superannuation and investments
ASIC is responsible for investor and consumer protection in financial services, including super and investments.
How ASIC regulates super and investments
Financial services providers offer many products, including superannuation and managed funds, or advice on these products.
Our role is to ensure that investors and consumers who deal with financial services providers:
- receive proper disclosure
- are dealt with fairly by qualified people
- receive useful information about their investment or product
- can access proper complaints-handling procedures.
ASIC also licenses and monitors people to ensure they operate efficiently, honestly and fairly. Financial services providers, including some superannuation trustees, must be licensed or authorised and meet conduct and disclosure obligations under the law.
You can check to see whether a person or business has an Australian financial services (AFS) licence or is an authorised representative by searching our professional registers.
If you have concerns about a financial services provider or product, you can lodge a complaint with ASIC.
For tips on investment and superannuation, including self-managed superannuation funds, see our MoneySmart website.
The disclosure obligations on superannuation funds have been expanded with the introduction of the Stronger Super reforms. These reforms are designed to make the superannuation system stronger and more efficient.
The Stronger Super reforms include a simple and cost-effective superannuation product called MySuper, which will eventually replace existing default superannuation arrangements.
Superannuation funds that are MySuper products must now publish a ‘product dashboard’ on their website. The product dashboard provides simple information about the MySuper product that will help you to assess your superannuation and compare it with other funds.
Self-managed super funds (SMSFs)
If you set up a self-managed superannuation fund, you are responsible for running the fund according to its trust deed and the superannuation laws, even if you get help from a professional or another member of the SMSF.
SMSFs are regulated by the Australian Taxation Office. ASIC’s role is regulating the ‘gatekeepers’ for SMSFs, such as accountants and auditors.
An SMSF auditor must be registered with ASIC as an ‘approved SMSF auditor’ before they can sign off on SMSF audit reports. You can search our register to check whether an SMSF auditor is registered.
From 1 July 2016, all accountants who provide advice on SMSFs must hold an AFS licence.
- Superannuation and retirement: ASIC’s MoneySmart website: Tips on getting the most out of your superannuation and retirement
- Search our professional registers: Includes registers of AFS licensees and authorised representatives
- Search our SMSF auditor register: Provides information on approved SMSF auditors
- How to complain: Provides information on making a complaint about superannuation
- Stronger Super reforms: Learn more about the Stronger Super reforms and ASIC's role
- Self-managed super funds: ASIC's MoneySmart website
- Self-managed super funds: ATO website