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

Australian Institute of Superannuation Trustees Conference of Major Super Funds 2023

22 March 2023

Speech by ASIC Commissioner Danielle Press.

Read the speech

Super trustees urged to improve delivery of insurance outcomes for members

22 March 2023

Trustees need to continue to focus on improving the life insurance they provide their members. A recent review highlights areas where trustees should be making meaningful improvements to deliver better member outcomes.

Read the media release

Read the report

ASIC publishes report on good practices for handling whistleblower disclosures

2 March 2023

ASIC has published a report to help entities improve their arrangements for handling whistleblower disclosures. REP 758 sets out the good practices ASIC observed from its review of seven entities’ whistleblower programs from a cross-section of industries.

Read the media release

Association of Superannuation Funds of Australia Conference 2023

22 February 2023

Speech by ASIC Commissioner Danielle Press.

Read the speech

ASIC is watching superannuation funds’ advertising

27 January 2023

Superannuation trustees need to take positive steps to ensure their fund advertising is not misleading or deceptive as they strive to attract and retain members. Superannuation Senior Executive Leader, Jane Eccleston, draws out some relevant lessons for trustees from ASIC’s ongoing monitoring of industry practices.

Read the article

ASIC issues infringement notice against superannuation trustee for greenwashing

23 December 2022

ASIC has issued an infringement notice to Diversa Trustees Limited in further action against alleged greenwashing.

Read the media release

Superannuation trustees on notice to uplift complaints handling

9 December 2022

Trustees are on notice to improve their internal dispute resolution systems after a targeted review of trustee compliance with the enforceable complaints handling requirements found that some trustees had sub‑standard arrangements for managing complaints.

Read the media release

ASIC’s focus in superannuation 2022-23

14 November 2022

As the superannuation industry contends with ongoing change driven by factors such as law reform and economic, technological and climate risks, ASIC reminds trustees to be responsible, accountable and transparent in implementing regulatory obligations. Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities for FY 2022-23.

Read the article

Last updated: 01/09/2022 12:00