Superannuation funds

This section contains information for superannuation trustees and their advisers, including:

  • guidance for superannuation trustees about their legal obligations
  • publications by ASIC in relation to superannuation and
  • other regulatory resources.

ASIC's role in super

ASIC is the regulator responsible for the Corporations Act 2001 and the ASIC Act 2001. These acts regulate the conduct and disclosure obligations of financial services providers (including superannuation trustees). ASIC is also responsible for administering parts of the Superannuation Industry (Supervision) Act 1993. This includes superannuation trustees.

As the conduct and disclosure regulator, ASIC is focused on the behaviours of trustees impacting consumers.

Read more about ASIC's role in super, including co-regulators and industry funding.

Superannuation for consumers

Are you a consumer looking for information to help you understand superannuation? ASIC’s Moneysmart website offers free, independent guidance so you can make the most of your money.

See also superannuation for consumers including:

  • ASIC’s role in superannuation
  • professional registers
  • SMSFs
  • complaining about your super fund.

Guidance, relief and instruments

ASIC issues guidance, regulatory relief, legislative instruments, information sheets and other documentation to guide and assist the superannuation industry.

Current projects and consultations

Browse and download information about ASIC’s current projects and consultations relevant to superannuation.

Super news and reports

Read ASIC’s publications, including media releases, letters to trustees, reports, speeches and articles about superannuation.

Further resources on superannuation

This page contains useful links for further information about superannuation, including APRA, the ATO and other ASIC resources.

Financial services

Find information about ASIC’s regulatory guidance on compliance with the financial services regime, including links to legislation and media releases about financial services.

Regulatory index

Download regulatory documents and class orders relating to financial services.

We are always looking to improve our superannuation information and would like to know what’s important to you. Please leave us some feedback.

What's new

ASIC updates the fees and costs disclosure regime

9 September 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, provides an overview of ASIC’s latest update to Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements.

Read the article

Superannuation trustees compensate members wrongly classified as ‘smokers’

7 August 2020

Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid.

Read the release

Minor updates to RG 97

24 July 2020

ASIC has released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products.

Read the release

The role of super funds during COVID-19

3 July 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s focus and what it expects from industry in the current environment.

Read the article

Finding and consolidating ‘lost’ superannuation

6 May 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses some of the issues ASIC has identified to help trustees best guide their fund members.

Read the article

No-action position

14 April 2020

ASIC has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as ‘intra-fund advice’.

Media release on relief measures

Temporary no-action position

ASIC examines advice in super

3 April 2020

ASIC’s Senior Executive Leader — Financial Advisers, Kate Metz, discusses the regulator’s recent report on financial advice by superannuation funds.

Read the article

COVID-19 information

1 April 2020

Read our frequently asked questions about current superannuation regulatory issues that have arisen from the COVID-19 pandemic.

ASIC and APRA have also published a joint letter to trustees.

Member communication must be crystal clear, says ASIC

4 March 2020

PYSP reforms: Trustees must provide members with accessible, accurate and actionable information.

Read the article

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act).

Read the media release

Read the report

ASIC's focus in superannuation

6 November 2019

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

Superannuation industry urged to focus on improving insurance outcomes for members

13 December 2019

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation. Read the media release.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

Letter to trustees on new rules for Putting Members’ Interests First

30 October 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.

Read the letter

Read the media release

Read APRA’s letter and FAQs 

ASIC extends relief for portfolio holdings disclosure

29 October 2019

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

Read the media release

ASIC has released Report 633

17 October 2019

ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.

ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.

Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.

Listen to the podcast

Read the report

More super news and reports

Last updated: 07/09/2020 01:05