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.

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

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.

Read more about Industry funding.

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.

What's new

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

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

Insurance in Superannuation Voluntary Code of Practice

4 October 2019

ASIC has issued a letter to superannuation industry associations, outlining our observations and concerns about the implementation of the Insurance in Super Voluntary Code of Practice.

Read the letter

More super news and reports

Last updated: 26/11/2019 02:58