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 also has responsibilities as a regulator under parts of the Superannuation Industry (Supervision) Act 1993 (SIS Act) together with the Australian Prudential Regulation Authority (APRA). Read more about the APRA-ASIC relationship.

ASIC is focused on the behaviours of trustees impacting consumers. ASIC strives to ensure consumers:

receive proper disclosure
are dealt with fairly by qualified people
receive useful information about their super products and investments, and
can access proper complaints-handling procedures.

ASIC’s role in superannuation includes:

undertaking supervision and surveillance activities focused on disclosure and conduct obligations of superannuation trustees
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, and
providing relief from financial services provisions.

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

Co-regulators

Co-regulators of the superannuation industry are the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO).

ASIC and APRA are primarily 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 between the regulators.

Super industry liaison

We engage with the industry and industry associations regularly. We also conduct targeted engagement when issues arise or when we run consultations. For example, we may hold roundtable meetings following the release of consultation papers.

Our approach complements ASIC’s broader liaison delivered through conferences, presentations and targeted updates.

Industry funding

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

MoneySmart

ASIC is the lead Government agency for financial capability, driving initiatives to help Australians be in control of their financial lives.

ASIC’s MoneySmart website helps consumers and investors take steps to improve their personal finances. 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.