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.
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.
Visit the Consultation papers page to view ASIC consultation papers currently open for public comment.