ASIC's role in super

ASIC is principally responsible for the enforcement of the Corporations Act 2001 (Corporations Act) which regulates the conduct and disclosure obligations of financial services providers (including superannuation trustees that hold an Australian financial services (AFS) licence).

As the conduct and disclosure regulator, ASIC’s role primarily concerns the relationship between trustees and individual consumers. ASIC aims to look after consumers ensuring they receive proper disclosure, are dealt with fairly by qualified people, continue to receive useful information about their investment or product and can access proper complaints-handling procedures. Promoting confident and informed investors and financial consumers is one of ASIC's strategic priorities.

ASIC's role in superannuation includes:

  • considering reports of misconduct and breach notifications

  • assessing AFS licence applications and exercising administrative powers (including stop orders on disclosure material, where appropriate) and

  • undertaking surveillances to ensure compliance with the provisions of the relevant Acts administered by ASIC.

We may also grant relief in appropriate circumstances, and provide policy guidance outlining ASIC's expectations in relation to certain requirements in the legislation.

How to seek relief from financial services provisions

Trustees that hold AFS licences with ASIC are required to notify ASIC of significant breaches under section 912D of the Corporations Act. See ASIC's Regulatory Guide 78 Breach Reporting by AFS licensees (RG 78).

If a trustee breaches both APRA-administered legislation and ASIC-administered legislation, the trustee may choose to use the APRA online form to notify ASIC as well as APRA of the breach. Further information is available on the APRA website.

ASIC also has a role in implementing Government reforms

More about ASIC's role

Co-regulators

Co-regulators of the superannuation industry are APRA and the ATO, with ASIC and APRA being principally responsible for the supervision of the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 respectively. The ATO has a regulatory role in relation to self-managed superannuation funds (SMSFs). Super funds also have important reporting and administrative obligations to the ATO.

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

More about ASIC's interaction with other regulators and organisations

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Under the new arrangements, regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year.

Read more about Industry funding.

What's new

Lifting the Bar, Superfunds June 2019

ASIC is urging superannuation trustees to prioritise member interests when handling insurance claims and complaints.

In this month’s Superfunds magazine, Senior Executive Leader for Superannuation, Jane Eccleston explains why change is necessary and how small improvements can make a big difference for super fund members.

Read the article (PDF 376KB)

Member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

11 April 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, particularly in relation to initial insurance cancellation notices to be issued by 1 May 2019.

Read the letter

ASIC and APRA publish joint letter on superannuation fees

10 April 2019

ASIC and APRA have published a joint letter to all registrable superannuation entity licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.

Read the release and joint letter

Roundtable meetings on fees and cost disclosure

5 March 2019

ASIC held roundtable meetings on the RG 97 fees and costs disclosure regime:

- in Sydney on Monday 4 March 2019 at ASIC’s office at 100 Market Street, and

- in Melbourne on Tuesday 5 March 2019 at ASIC’s office at 120 Collins Street.

Find out more

RG 97 Consultation Paper

8 January 2019

ASIC had released a consultation paper seeking industry feedback on proposals to make changes to the fees and costs disclosure regime.

Read the media release

Read the consultation paper

Find out more about the consultation

Compliance time period extended for ASIC Class Order [CO 14/1252]

11 December 2018

ASIC has extended the time periods for compliance with certain aspects of the fee and cost disclosure requirements in ASIC Class Order [CO 14/1252] for one further year to their equivalent dates in 2020.

Find out more about the extension

RG 97 review

24 July 2018

The external review by Darren McShane into Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97) is now complete and ASIC has published Mr McShane’s report.

Read the report

ASIC appoints expert to review fees and costs disclosure settings

ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97. The review is expected to be completed in the first half of 2018.

Read the media release | Find out more


 

Last updated: 09/04/2013 12:00