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
Letter to trustees on new rules for Putting Members’ Interests First
30 October 2019
ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.
Read the letter
Read the media release
Read APRA’s letter and FAQs
ASIC extends relief for portfolio holdings disclosure
29 October 2019
ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.
Read the media release
ASIC has released Report 633
17 October 2019
ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.
ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.
Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.
Listen to the podcast
Read the report
More super news and reports
