ASIC's role in super

ASIC is the regulator responsible for the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 (ASIC Act). These acts regulate the conduct and disclosure obligations of financial services providers, including superannuation trustees of registrable superannuation entities. ASIC is also responsible for administering parts of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

As conduct regulator for superannuation, ASIC is issues-driven and focuses on trustee conduct that affects superannuation fund members.

ASIC’s role in superannuation includes:

  • undertaking supervision and surveillance activities about trustees’ conduct and disclosure obligations
  • taking enforcement action in response to non-compliance with the laws administered by ASIC
  • assessing Australian financial service (AFS) licence applications
  • exercising administrative powers in relation to AFS licences and disclosure
  • providing guidance to industry and policy advice to Government
  • providing relief from financial services provisions.

Read more about ASIC’s role as the corporate, markets, financial services and consumer credit regulator.

Recent reforms

On 1 January 2021, legislative reforms that expand ASIC’s role in superannuation commenced. The reforms are designed to improve ASIC’s effectiveness as the conduct regulator for superannuation, and to increase ASIC’s consumer protection powers.

The reforms:

  • enable ASIC to more effectively regulate superannuation trustee conduct without detracting from or duplicating the Australian Prudential Regulation Authority’s (APRA) role as prudential regulator
  • ensure that there are no gaps in regulatory oversight of the superannuation system
  • ensure that all trustees are treated in the same way and held to the same standards
  • increase ASIC’s responsibilities related to consumer protection, market integrity, disclosure and record keeping under the SIS Act
  • increase ASIC’s powers to take action in relation to a broader range of trustee conduct under the Corporations Act and ASIC Act.

ASIC remains focused on protecting consumers’ interests – we want to see superannuation funds operate in a way that is fair to members and promotes confidence in the superannuation system. ASIC will continue to work alongside APRA to improve trustee conduct and drive better outcomes for consumers.

Further information about how the reforms and regulatory oversight will operate in the new environment can be found in ASIC and APRA’s joint letter to trustees.

Licensing changes

From 1 January 2021, Australian financial services licensees authorised to deal in superannuation who are also RSE licensees regulated by APRA are taken, by law, to be authorised to Provide a Superannuation Trustee Service. A search of ASIC’s Professional Registers for the licence conditions of relevant licensees may not currently show the new authorisation as ASIC needs to undertake a process of updating the details recorded on the Professional Register (which is to be completed by 30 June 2021). The licence authorisation is effective for relevant licensees even if not recorded on the Professional Register.

ASIC has contacted superannuation trustees with further information about licensing regime changes that are relevant to them. On 20 January 2021, ASIC wrote to superannuation trustees who are now authorised, by law, to provide a superannuation trustee service.

Co-regulators

APRA and the Australian Taxation Office (ATO) are co-regulators of the superannuation industry.

ASIC and APRA are primarily responsible for the supervision of the Corporations Act and the SIS Act respectively. The ATO is the primary regulator in relation to self-managed superannuation funds (SMSFs). Superannuation trustees also have important reporting and administrative obligations to the ATO.

ASIC has a memorandum of understanding in place with both APRA and the ATO to help facilitate the exchange of information between the regulators.

Read more about the ASIC–APRA relationship and ASIC's interaction with other regulators and organisations.

Super industry liaison

ASIC regularly engages with the superannuation industry and industry associations to share or gather information about regulatory changes or key issues. We conduct targeted engagement when issues arise or as part of a consultation process. For example, we may hold roundtable meetings following the release of consultation papers.

Our approach complements ASIC’s ongoing liaison through conferences, presentations and updates.

Industry funding

ASIC issues levy invoices each year to recover its regulatory costs incurred in the previous year from regulated entities.

Read more about Industry funding.

Moneysmart

ASIC’s Moneysmart website is a starting point for consumers and investors to make informed financial decisions. It provides free, independent guidance and superannuation and retirement calculators for consumers.

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

Note: This address is not for general enquiries about our services or advice. We suggest asking us a question online instead.

What's new

ASIC sues AustralianSuper over multiple superannuation accounts

8 September 2023

ASIC has commenced civil penalty proceedings against the trustee of Australia’s largest superannuation fund, AustralianSuper, alleging failures to address multiple member accounts.

Read the media release

Summary of Indigenous Super Summit

ASIC facilitated the 2023 Indigenous Super Summit on 22 June 2023.

The Summit was an opportunity for the superannuation industry to contribute to addressing the unique and complex challenges First Nations peoples can experience.

Read the summary document

ASIC commences greenwashing case against Active Super

11 August 2023

ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super).

Read the media release

Annual Performance Assessment 2023

8 August 2023

ASIC has written to trustees regarding the 2023 annual performance assessment. It is the first year the performance assessment applies to both trustee-directed products and MySuper products.

Read the letter

Conexus Retirement Conference

8 August 2023

Opening remarks by ASIC Senior Executive Leader, Superannuation and Life Insurance, Jane Eccleston and APRA Deputy Chair, Margaret Cole.

Read the speech

Review finds super trustees need to improve retirement outcomes planning

18 July 2023

A thematic review of how trustees are supporting their members under the Retirement Income Covenant found trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by ASIC and APRA.

Read the media release

Read the report

ASIC warns super trustees to boost efforts to consolidate duplicate member accounts

29 June 2023

ASIC is warning trustees to effectively consolidate duplicate member accounts after a recent review identified poor practices resulting in consumer harm.

Read the media release

ASIC calls on super trustees to appropriately deal with member money when it is first received

26 June 2023

ASIC is calling on trustees to ensure they are meeting their legal obligations when dealing with incoming money from consumers.

Read the media release

Last updated: 30/03/2021 09:22