Check on superannuation trustee preparedness for new IDR requirements finds more work required
2 September 2021
A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work.
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ASIC reviews the first round of super fund annual members’ meetings
6 August 2021
ASIC has released findings about superannuation funds’ annual members’ meetings. The findings are based on a surveillance of the inaugural meetings held by trustees for a selection of superannuation funds between October 2020 to March 2021.
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ASIC publishes Internal Dispute Resolution data dictionary and glossary ahead of pilot
19 July 2021
ASIC has released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021.
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Product distribution: get ready for change
June 2021
Distribution rules for superannuation products are changing. Industry needs to be prepared for these reforms and should pay particular attention to the design and distribution obligations, which commence this October. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, answers some common questions about how the design and distribution obligations affect superannuation in ASFA’s Superfunds magazine.
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ASIC and APRA letter to trustees on oversight of advice fee deductions from member accounts
30 June 2021
ASIC and APRA have issued a joint letter outlining the regulators’ expectations of superannuation trustees in their oversight of financial advice fees charged to members’ accounts. The letter provides additional guidance informed by surveillances of trustees’ oversight frameworks and practices, cases identified during the Financial Services Royal Commission, and new obligations introduced by the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021, which commences on 1 July 2021.
Read the letter (PDF 138 KB)
ASIC and APRA release notes on inaugural Superannuation CEO Roundtable
29 June 2021
ASIC and APRA have released the public notes on the inaugural Superannuation CEO Roundtable held on Friday 30 April 2021.
The event focused on the implementation of SPS 515 Strategic Planning and Member Outcomes and Product Design and Distribution Obligations, and how the requirements are complementary and together challenge trustees to have a “continuous improvement” mindset.
Read the notes
ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law
18 June 2021
ASIC has extended existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees under the Corporations Act 2001.
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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.
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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
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