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

Remaking ASIC relief on PDSs, superannuation dashboards and FSGs

ASIC released Consultation Paper 358 Remaking ASIC relief on PDSs, superannuation dashboards and FSGs (CP 358) to seek industry feedback on proposals to remake relief contained in seven legislative instruments relating to specific financial service disclosure requirements.

CP 358 was released on 18 February 2022. Comments closed 12 April 2022.

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 closed 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

Infringement notices issued to Maritime Super for member fee statements

27 April 2022

Maritime Super Pty Ltd has paid $26,640 to comply with two infringement notices issued by ASIC. The notices concerned alleged misleading statements made to members about Maritime’s investment partnership with Host-Plus Pty Ltd.

Read the media release

Westpac penalised $113 million after multiple ASIC legal actions

22 April 2022

The Federal Court has ordered Westpac to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands.

Read the media release

Are you prepared for the Retirement Income Covenant?

April 2022

From 1 July 2022, superannuation trustees need to have a retirement income strategy and publish a summary on their website. This is an opportunity for trustees to reflect on how they can better help their members make the most of their superannuation in retirement. Jane Eccleston, Senior Executive Leader – Superannuation, ASIC writes.

Read the article

BT Funds Management penalised $20 million for incorrectly charging commissions for insurance in superannuation

8 April 2022

The Federal Court has ordered Westpac subsidiary and superannuation trustee, BT Funds Management Limited to pay a $20 million penalty for incorrectly charging commission payments to members of one of its superannuation funds.

Read the media release

Superannuation trustees strengthen governance practices following ASIC surveillance of investment switching

6 April 2022

Trustees in Australia’s superannuation industry have revised their internal policies and procedures after an ASIC surveillance found significant deficiencies in their conflicts management arrangements relating to investment switching.

Read the media release

ASIC extends relief for retirement estimates

30 March 2022

ASIC has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement.

The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.

Read the media release

Last updated: 27/04/2022 12:57