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 Corporate Plan 2019-20 to 2022-23 sets out our change agenda and regulatory priorities. It explains how we will act strategically to address misconduct in the financial system and improve consumer outcomes.

The Corporate Plan sets out how ASIC will work towards achieving a fair, strong and efficient financial system for all Australians.

It outlines our efforts towards becoming a more strategic regulator, our renewed approach for supervision and enforcement, and our key regulatory activities over the next four years. It sets out how we will be using the full suite of our regulatory tools to target the threats and harms we see in the financial system.

The plan also identifies several superannuation projects as a focus for the Superannuation team for the next year. These projects include:

  • Implementing Royal Commission and Productivity Commission Law reform recommendations
  • Insurance in Superannuation
  • Advice deductions
  • Communication of ‘Protecting Your Superannuation Package’ reforms
  • Consumer strategy for superannuation
  • Enhancing ASIC’s communication to superannuation trustees and their advisers.

Download the Corporate Plan

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.

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: 13/11/2019 04:29