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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 2020–24 outlines how we aim to achieve our vision through our strategic priorities and actions over the next four years, and the actions we are taking in the near term to address the impact of the COVID-19 pandemic.

In 2020–21, ASIC’s work in superannuation will focus on:

implementing Financial Services Royal Commission law reform recommendations
delivering as a conduct regulator for superannuation – implementing any legislative reforms that increase ASIC’s role as conduct regulator for superannuation trustees
insurance in superannuation – monitoring the impact of the COVID-19 pandemic on the insurance offerings of superannuation trustees and continuing to review industry’s progress on improving insurance outcomes for consumers, particularly in default insurance
product design and distribution obligations (DDO) – providing guidance to industry to help issuers and distributors to design, market and distribute financial and credit products that meet consumer needs
internal dispute resolution (IDR) – commencing the second phase of targeted consultation on IDR data collection and reporting to build on the feedback provided in response to Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311).

Download the Corporate Plan 2020–24

Current consultations

Visit the Consultation Papers section of ASIC’s website to view 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 publishes Internal Dispute Resolution data dictionary and glossary ahead of pilot

19 July 2021

ASIC has released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021.

Read the media release

Product distribution: get ready for change

June 2021

Distribution rules for superannuation products are changing. Industry needs to be prepared for these reforms and should pay particular attention to the design and distribution obligations, which commence this October. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, answers some common questions about how the design and distribution obligations affect superannuation in ASFA’s Superfunds magazine.

Read the article

ASIC and APRA letter to trustees on oversight of advice fee deductions from member accounts

30 June 2021

ASIC and APRA have issued a joint letter outlining the regulators’ expectations of superannuation trustees in their oversight of financial advice fees charged to members’ accounts. The letter provides additional guidance informed by surveillances of trustees’ oversight frameworks and practices, cases identified during the Financial Services Royal Commission, and new obligations introduced by the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021, which commences on 1 July 2021.

Read the letter (PDF 138 KB)

ASIC and APRA release notes on inaugural Superannuation CEO Roundtable

29 June 2021

ASIC and APRA have released the public notes on the inaugural Superannuation CEO Roundtable held on Friday 30 April 2021.

The event focused on the implementation of SPS 515 Strategic Planning and Member Outcomes and Product Design and Distribution Obligations, and how the requirements are complementary and together challenge trustees to have a “continuous improvement” mindset.

ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law

18 June 2021

ASIC has extended existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees under the Corporations Act 2001.

Read the media release

Internal dispute resolution (IDR) in superannuation: Transition from RG 165 to RG 271 from 5 October 2021

28 April 2021

ASIC Commissioner Danielle Press wrote to all superannuation trustee CEOs recently, highlighting the importance of CEO level engagement with the obligations set out in Regulatory Guide 271 – Internal Dispute Resolution (RG 271). These obligations commence 5 October 2021. ASIC is also seeking information from the superannuation industry to understand progress of their preparations for RG 271.

Read the letter (PDF 90 KB)

ASIC’s expectations about new internal dispute resolution requirements for superannuation trustees

March 2021

Regulatory Guide 271: Internal dispute resolution (RG 271) was released in July 2020 and contains updated standards and requirements that will drive financial services firms to ensure they handle consumer complaints in a fair and timely manner.

Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the changes mean for trustees and outlines ASIC’s expectations.

Read the article

ASIC releases advice fee consent and lack of independence disclosure legislative instruments

25 March 2021

ASIC has made three legislative instruments that deal with advice fee consents and independence disclosure following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 earlier this month.

Read the media release

More super news and reports

Last updated: 30/03/2021 09:23