ASIC is responsible for investor and consumer protection in financial services, including 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.
Find out more about ASIC's role in superannuation.
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.
You can also search the financial advisers register to find out where an adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.
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.
A simple and cost-effective superannuation product called MySuper has been introduced.
Superannuation funds that are MySuper products must 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.
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 SMSF auditor 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.