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 2021-22, ASIC's work in superannuation will focus on:

  • Establishing ourselves as the conduct regulator in superannuation - Ensuring effective implementation of superannuation conduct law reform, including new licensing requirements.
  • Communications about performance - Monitoring the implementation of the Your Future Your Super reforms by conducting a surveillance of trustees' communications to their members. This includes performance test failure notifications and other disclosures sent to members by trustees with products that failed the test, and disclosures made by a sample of trustees whose products passed the test.
  • Internal dispute resolution (IDR) in superannuation - Continuing to focus on implementation of IDR framework to assist the superannuation industry in its transition to Regulatory Guide 271 Internal dispute resolution (RG 271). This includes a planned surveillance of trustees on their compliance with the enforceable RG 271 requirements.
  • Distribution reform implementation and surveillances - Support and monitoring implementation of the reforms through engagement and guidance as well as:
    • Reviewing trustees' use of the employer distribution channel by sampling a review of trustee practices.
    • Continuing our regular review of marketing by trustees, including proactive reviews of trustees' advertising.
  • Supervision of whistleblower program - Continuing to monitor trustee compliance with the whistleblower requirements and handling of whistleblower.
  • Retirement income calculators and projections - Consulting on and updating relief instruments and guidance.
  • Insurance in superannuation - Conducting surveillance of superannuation trustees on issues raised by ASIC in 2019 and 2020, including those outlined 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).

Read ASIC's Corporate Plan 2021-25

Current Consultations

Superannuation forecasts

ASIC released Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools.

CP 351 was released on 18 November 2021. Comments close 28 January 2022.

See Consultation papers to view other 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 consults on updates to relief for superannuation calculators and retirement estimates

Updated 22 December 2021

ASIC has released Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) on 18 November 2021 to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools.

ASIC has also released slides presented at a stakeholder briefing on 14 December 2021 hosted by Superannuation Senior Executive Leader, Jane Eccleston.

Read the media release

Read the stakeholder briefing slides

ASIC and APRA release notes on second Superannuation CEO Roundtable

14 December 2021

ASIC and APRA have released public notes on the second Superannuation CEO Roundtable held on Wednesday 1 December 2021.

The Roundtable was hosted by ASIC Commissioner Danielle Press and APRA Member Margaret Cole. It was attended by the CEOs of 11 superannuation trustees, representing all sectors of the industry.

Read the notes

Super trustees offering default income protection insurance urged to check on member outcomes

10 December 2021

A 2021 ASIC review has again highlighted that trustees need to examine outcomes for their members and proactively consider whether they are delivering value for money through their insurance in superannuation offering.

Read the media release

ASIC’s focus in superannuation 2021–22 

23 November 2021

While acknowledging the high volume of change in superannuation, ASIC, as conduct regulator for superannuation, continues to expect trustees to approach their regulatory obligations with responsibility, accountability, and transparency. Looking ahead to 2021-22, Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities.

Read the article

Surveillance of investment switching by super fund executives identifies concerns with trustees’ conflicts arrangements

27 October 2021

An ASIC surveillance about personal investment switching by directors and senior executives of superannuation trustees has identified concerns with trustees’ management of conflicts of interest.

Read the media release

ASIC releases updated information about the distribution of superannuation products

15 October 2021

ASIC has released updated information for employers and trustees about changes affecting the distribution of superannuation products as a result of recent law reforms.

Read the media release

Enforceable IDR requirements

15 October 2021

The new enforceable internal dispute resolution (IDR) requirements in ASIC’s RG 271 commenced on 5 October. Here’s what trustees must do to comply. 

Read the article

Last updated: 23/12/2021 12:16