Compliance time period extended for ASIC Class Order [CO 14/1252]

ASIC has extended the time periods for compliance with certain aspects of the fee and cost disclosure requirements in ASIC Class Order [CO 14/1252] for one further year to their equivalent dates in 2020.

ASIC has extended the time periods to preserve the status quo at law due to the consultation on the proposals arising out of the recommendations made in the review of the fees and costs disclosure regime in Report 581 Review of ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements.

ASIC released Consultation Paper 308 on 8 January 2019. For more information on the consultation, please see RG 97 consultation.

These dates were previously extended in December 2017 (by ASIC Corporations (Amendment) Instrument 2017/1138) to their equivalent dates in 2019 due to the expert review of RG 97.

The modifications to [CO 14/1252] were made on 7 December 2018 and can be found on the Federal Register of Legislation.

What's new

Insurance in Superannuation Voluntary Code of Practice

4 October 2019

ASIC has issued a letter to superannuation industry associations, outlining our observations and concerns about the implementation of the Insurance in Super Voluntary Code of Practice.

Read the letter

ASIC remakes instrument about departed former temporary residents’ unclaimed superannuation disclosure

ASIC has remade Class Order [CO 09/437] Departed former temporary residents superannuation – Disclosure relief, which was due to expire on 1 October 2019.

Read the media release  

View the instrument

Trustees warned about influencing employers through improper inducements

ASIC has issued guidance to superannuation trustees, reminding them that using improper inducements to influence employers in their choice of default fund is illegal.

Read the media release Read INFO 241

Lifting the Bar, Superfunds June 2019

ASIC is urging superannuation trustees to prioritise member interests when handling insurance claims and complaints.

In this month’s Superfunds magazine, Senior Executive Leader for Superannuation, Jane Eccleston explains why change is necessary and how small improvements can make a big difference for super fund members.

Read the article (PDF 376KB)

Member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

11 April 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, particularly in relation to initial insurance cancellation notices to be issued by 1 May 2019.

Read the letter

ASIC and APRA publish joint letter on superannuation fees

10 April 2019

ASIC and APRA have published a joint letter to all registrable superannuation entity licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.

Read the release and joint letter

Roundtable meetings on fees and cost disclosure

5 March 2019

ASIC held roundtable meetings on the RG 97 fees and costs disclosure regime:

- in Sydney on Monday 4 March 2019 at ASIC’s office at 100 Market Street, and

- in Melbourne on Tuesday 5 March 2019 at ASIC’s office at 120 Collins Street.

Find out more


Last updated: 08/01/2019 11:58