Super news and reports
Letters to trustees
ASIC issues letters to trustees to guide and assist the industry to meet the regulatory requirements relevant to the superannuation industry.
Media releases
8 September 2023 – ASIC sues AustralianSuper over multiple superannuation accounts
ASIC has commenced civil penalty proceedings against the trustee of Australia’s largest superannuation fund, AustralianSuper, alleging failures to address multiple member accounts.
11 August 2023 – ASIC commences greenwashing case against Active Super
ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super).
18 July 2023 – Review finds super trustees need to improve retirement outcomes planning
A thematic review of how trustees are supporting their members under the Retirement Income Covenant found trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by ASIC and APRA.
29 June 2023 – ASIC warns super trustees to boost efforts to consolidate duplicate member accounts
ASIC is warning trustees to effectively consolidate duplicate member accounts after a recent review identified poor practices resulting in consumer harm.
26 June 2023 – ASIC calls on super trustees to appropriately deal with member money when it is first received
ASIC is calling on trustees to ensure they are meeting their legal obligations when dealing with incoming money from consumers.
2 June 2023 – ASIC halts offer of Spaceship Super and Spaceship Voyager Funds
ASIC has made interim stop orders on one superannuation product and three managed funds promoted by Spaceship Capital Limited due to deficiencies in their target market determinations.
2 May 2023 – ASIC issues infringement notice to superannuation fund promoter for greenwashing
ASIC has issued an infringement notice to superannuation fund promoter, Future Super Investment Services Pty Ltd (Future Super) in further action against alleged greenwashing.
27 April 2023 – ASIC releases updated guidance for licensees on reportable situations
ASIC has released updated guidance on making notifications to ASIC under the reportable situations regime (formerly breach reporting).
12 April 2023 – Super trustees told to focus more on their members in communications about performance test failure
An ASIC review of member communications by trustees that again failed the annual performance test for MySuper products in 2022 has highlighted that while improvements have been made, some trustees need to be more member-centric in their approach.
22 March 2023 – Super trustees urged to improve delivery of insurance outcomes for members
Trustees need to continue to focus on improving the life insurance they provide their members. A recent review highlights areas where trustees should be making meaningful improvements to deliver better member outcomes.
Reports
Released 18 July 2023. This information report sets out the findings of a recent thematic review of the implementation of the Retirement Income Covenant by a sample of RSE licensees. The review was undertaken jointly by ASIC and APRA.
REP 760 Insurance in superannuation: Industry progress on delivering better outcomes for members
Released 22 March 2023. This report examines progress by trustees to improve their arrangements for life insurance in superannuation. These improvements respond to issues identified in ASIC’s public communications on life insurance in superannuation since 2019 and recent regulatory reforms.
REP 752 Review of written responses to superannuation complaints
Released 9 December 2022. This report summarises the findings from an evaluation conducted for ASIC by Susan Bell Research of 274 responses to general superannuation complaints issued by 10 trustees. It highlights the elements identified in the research as undermining the effectiveness of written responses to complaints and includes seven recommendations for how these responses can be improved.
REP 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees
Released 9 December 2022. This report provides insights for compliance by superannuation trustees with enforceable obligations and guidance in Regulatory Guide 271 Internal dispute resolution (RG 271). In particular, it outlines areas for improvement identified through ASIC’s review of the timeliness and content of responses to complaints, systemic issue identification and management, and trustee processes.
REP 731 Response to submissions on CP 351 Superannuation forecasts: Update to relief and guidance
Released 5 July 2022. This report highlights the key issues that arose out of the submissions received on Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) and details our responses to those issues.
REP 729 Review of trustee communications about the MySuper performance test
Released 24 June 2022. This report gives an update on ASIC’s work on superannuation trustee communications relating to the annual performance test introduced in 2021 as part of the Your Future, Your Super reforms. It sets out our findings and our expectations of trustees for future communications about performance.
Articles
June 2023 – Improving superannuation outcomes for First Nations members
Ahead of the Indigenous Superannuation Summit in June, ASIC’s Superannuation Senior Executive Leader, Jane Eccleston reflects on ASIC’s Indigenous Financial Services Framework and the steps trustees should take to better meet their First Nations members’ needs.
May 2023 – Distributing super products through employers – what trustees need to know
Following a recent review of how trustees are engaging with employers as a channel for distributing super products, Superannuation Senior Executive Leader, Jane Eccleston reflects on whether trustees are meeting new requirements.
April 2023 – Turning negatives into positives: Handling complaints with a consumer-focus
With the right focus, trustees can leverage member complaints to make positive changes to their products and services and improve members' trust and confidence in their fund. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, reflects on areas trustees can work on to enhance their focus on members, following a recent review by ASIC.
January 2023 – ASIC is watching superannuation funds' advertising
Superannuation trustees need to take positive steps to ensure their fund advertising is not misleading or deceptive as they strive to attract and retain members. Superannuation Senior Executive Leader, Jane Eccleston, draws out some relevant lessons for trustees from ASIC’s ongoing monitoring of industry practices.
November 2022 – ASIC’s focus in superannuation 2022-23
As the superannuation industry contends with ongoing change driven by factors such as law reform and economic, technological and climate risks, ASIC reminds trustees to be responsible, accountable and transparent in implementing regulatory obligations. Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities for FY 2022-23.
October 2022 – Are your superannuation investment options consistent and ‘true to label’?
Following a recent analysis of superannuation investment option labelling practices, ASIC’s Superannuation Senior Executive Leader, Jane Eccleston says trustees should carefully consider whether the labels they use for their investment options support sound consumer understanding of the key features and risks.