Current projects and consultations

This page provides an overview of ASIC’s projects for the current financial year, current consultations, and information on recent reforms.

Superannuation Projects

ASIC's vision is for a fair, strong and efficient financial system for all Australians. Our Corporate Plan outlines how we aim to achieve our vision through our strategic priorities and actions over the next four years.

In 2022-23, ASIC's work in superannuation will focus on: 

  • Review of trustee transparency – Reviewing industry practice, communicating our expectations regarding trustees’ disclosure obligations, and driving changes that improve transparency.
  • Trustee oversight of advice fee deductions – Conducting a surveillance of trustees’ oversight of advice fee deductions.
  • Performance test failure communications – Monitoring underperformance notifications and other communications by trustees that have products which fail the APRA performance test. We will take enforcement action against misleading conduct relating to fund performance.
  • Internal dispute resolution in superannuation – Continuing our surveillance of internal dispute resolution practices, including by analysing data and reviewing complaint responses, to assess trustees’ compliance with new enforceable standards. We will communicate our findings to drive continued improvements by trustees.
  • Retirement income covenant – With APRA, reviewing trustees’ implementation of the retirement income covenant, and communicating our findings to drive improved retirement outcomes for consumers.
  • Insurance in superannuation – Continuing our surveillance of trustees on issues previously raised by ASIC, including those in Report 633 Holes in the safety net: A review of TPD insurance claims (REP 633) and Report 675 Default insurance in superannuation: Member value for money (REP 675). We will communicate our findings to drive continued improvements by trustees.
  • Choice products surveillance – Conducting a surveillance of trustees’ distribution practices in relation to choice superannuation products, and examining the role of financial advisers and their licensees in the distribution of underperforming choice distribution products.

Some of ASIC’s core strategic projects for 2022-23 also include actions relevant for superannuation trustees:

  • Scams – Developing enhanced, data-informed approaches to identifying, quantifying and disrupting scams and raising consumer awareness of relevant new scams and how to identify them.
  • Sustainable finance practices – Oversight of sustainability-related disclosure and governance practices of superannuation funds.
  • Product design and distribution obligations – Conducting surveillance of a sample of target market determinations in the superannuation sector.
  • Breach reporting – Closely monitoring the operation of the new regime to support industry’s implementation of the obligations and working with industry to implement solutions to improve the consistency and quality of reporting practices.
  • Cyber and operational resilience – Engaging with regulated entities to promote good practices and support initiatives that enhance cyber resilience.
  • Financial Accountability Regime (FAR) – Supporting ASIC’s implementation of the FAR to ensure efficient and effective joint administration of the regime with APRA.

Read ASIC’s Corporate Plan

Current Consultations

Visit the Consultation papers page to view ASIC consultation papers currently open for public comment.

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: 01/09/2022 12:00