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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

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

Insurance in super: Turning data into outcomes

12 March 2021

Recent changes to superannuation laws have created many immediate pressures and opportunities for trustees. One opportunity trustees have now is to think holistically about their systems and processes: can they be improved to deliver better outcomes for members and avoid poor outcomes that may only become apparent years down the track? Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses some of ASIC’s recent work on insurance in superannuation and how trustees can use data to improve the insurance they provide to members.

Read the article

Temporary arrangements for trustees notifying ASIC of new responsible managers

5 March 2021

Following recent feedback from the industry, as a temporary measure, ASIC will not require trustees notifying ASIC of the appointment of new responsible manager(s) for the provision of a superannuation trustee service, to provide proof documents that would usually be required at the time of notification.

Read more

Reforms of the core regulatory framework for superannuation

4 February 2021

Government reforms that expand ASIC’s role in superannuation commenced on 1 January 2021. The reforms enable ASIC to play a more effective role in regulating conduct in the superannuation industry to promote better consumer outcomes and market integrity. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the reforms mean for trustees, ASIC’s approach to the changes, and how ASIC and APRA will continue to work together as co-regulators of superannuation.

Read the article

More super news and reports

Last updated: 30/03/2021 09:23