Current projects and consultations

This page provides an overview of ASIC’s priorities and projects for the current financial year, current consultations, and information on recent reforms. For information on our strategic priorities and actions over the next four years, see ASIC’s Corporate Plan.

Strategic priorities and projects

Our strategic priorities are:

  • Product design and distributionReduce the risk of harm to consumers of financial, investment, credit and credit-like products caused by poor product design, distribution and marketing, especially by driving compliance with the design and distribution obligations.
  • Sustainable finance Support market integrity and efficiency through supervision and enforcement of current governance and disclosure standards to reduce harms from greenwashing, while engaging closely on climate related financial disclosure requirements.
  • Retirement outcomes Protect consumers, especially as they plan and make decisions for retirement, with a focus on superannuation products, managed investments and financial advice.
  • Technology risksFocus on the impacts of technology in financial markets and services, drive cyber and operational resilience practices, including within companies and financial market infrastructure, and act to address digitally enabled misconduct.

Our core strategic projects that support the delivery of our strategic priorities are:

  • Scams
  • Sustainable finance practices
  • Crypto-assets
  • Design and distribution obligations (DDO)
  • Cyber and operational resilience
  • Digital technology and data

Superannuation projects

In 2023-24, ASIC’s project work in superannuation will focus on:

  • Reducing harm caused by poor performance and harmful distribution of choice products – Review trustees’ distribution practices in relation to choice superannuation products, and the role of financial advisers and their licensees in the distribution of underperforming choice products.
  • Improving the delivery of member services by superannuation funds – Review industry practices and compliance with laws in relation to trustee administration and contact centres. We will take action, including enforcement action, against conduct that is misleading or otherwise results in unfair treatment of consumers.
  • Monitoring implementation of superannuation fund financial reporting and audit requirements Ensure trustees properly implement new obligations that require them to file fund financial statements and audit reports with ASIC, and publish those documents on the fund website.

More broadly we will also continue our focus on the implementation of the retirement income covenant, sustainable finance disclosure practices, issues of concern in relation to insurance in superannuation and acting against inadequate internal dispute resolution arrangements.

Some of ASIC’s cross-sector projects for 2023-24 are also particularly relevant for superannuation trustees including:

  • Implementing the Financial Accountability Regime (FAR) – We will continue working closely with APRA to implement the FAR, noting that FAR will apply to the superannuation industry in March 2025. 
  • Ensuring the objectives of the reportable situations regime are met – We will continue working with stakeholders to implement solutions that will improve the consistency and quality of reporting practices. We plan to conduct a targeted surveillance of licensees with low numbers of reportable situations and, where appropriate, take enforcement action. 
  • Deterring cold calling superannuation switching business models – We will take action where appropriate, including enforcement action, to protect consumers from cold calling practices that induce inappropriate superannuation switching and result in the erosion of members’ superannuation balances. 

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

ASIC calls on industry to improve oversight of Choice super performance and address issues

21 February 2024

ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.

Read the release

Read the report

ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees

21 December 2023

A new instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.

Read more about the deferral

OnePath Custodians penalised $5 million for fees for no service misconduct

29 November 2023

The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

Read the media release

HESTA trustee pays infringement notices for misleading marketing

10 November 2023

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

Read the media release

ASIC takes civil penalty action against Telstra Super

6 November 2023

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

Read the media release

ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee

6 November 2023

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

Read more

Last updated: 01/09/2022 12:00