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

Virtual roundtable - Internal Dispute Resolution in Super

16 November 2020

ASIC is conducting a virtual roundtable on November 25th discussing Internal Dispute Resolution in Super - New Enforceable Requirements (RG 271). 

This roundtable is targeted at Senior Risk and/or Compliance Persons and Trustee Office Leaders.  If you are interested in attending please RSVP by 20 November to IDRinSuper1@asic.gov.au

Read the invite

Media release on updated guidance

2020-21: ASIC’s focus in superannuation

10 November 2020

Two things are certain for the superannuation industry this year: that the uncertainty and challenges created by COVID-19 are continuing, and that in the face of this uncertainty, trustees’ obligations to their members remain important. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses ASIC’s priorities for 2020-21.

Read the article

Support and protections for whistleblowers

7 October 2020

The Australian Government’s  whistleblower protection reforms have been in place for more than a year. Jane Eccleston, ASIC Superannuation Senior Executive Leader, reminds trustees of their obligations to support and protect whistleblowers and implement a whistleblower policy.

Read the article

ASIC extends financial advice relief related to the COVID-19 early release of superannuation

23 September 2020

ASIC is extending the financial advice relief related to the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the Government.

Read the release

ASIC updates the fees and costs disclosure regime

9 September 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, provides an overview of ASIC’s latest update to Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements.

Read the article

Superannuation trustees compensate members wrongly classified as ‘smokers’

7 August 2020

Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid.

Read the release

Minor updates to RG 97

24 July 2020

ASIC has released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products.

Read the release

The role of super funds during COVID-19

3 July 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s focus and what it expects from industry in the current environment.

Read the article

Finding and consolidating ‘lost’ superannuation

6 May 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses some of the issues ASIC has identified to help trustees best guide their fund members.

Read the article

No-action position

14 April 2020

ASIC has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as ‘intra-fund advice’.

Media release on relief measures

Temporary no-action position

ASIC examines advice in super

3 April 2020

ASIC’s Senior Executive Leader — Financial Advisers, Kate Metz, discusses the regulator’s recent report on financial advice by superannuation funds.

Read the article

COVID-19 information

1 April 2020

Read our frequently asked questions about current superannuation regulatory issues that have arisen from the COVID-19 pandemic.

ASIC and APRA have also published a joint letter to trustees.

Member communication must be crystal clear, says ASIC

4 March 2020

PYSP reforms: Trustees must provide members with accessible, accurate and actionable information.

Read the article

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act).

Read the media release

Read the report

ASIC's focus in superannuation

6 November 2019

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

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.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

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

More super news and reports

Last updated: 30/11/2020 12:02