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
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.
2 March 2023 – ASIC publishes report on good practices for handling whistleblower disclosures
ASIC has published a report to help entities improve their arrangements for handling whistleblower disclosures. REP 758 sets out the good practices ASIC observed from its review of seven entities’ whistleblower programs from a cross-section of industries.
23 December 2022 – ASIC issues infringement notice against superannuation trustee for greenwashing
ASIC has issued an infringement notice to Diversa Trustees Limited in further action against alleged greenwashing.
9 December 2022 – Superannuation trustees on notice to uplift complaints handling
Trustees are on notice to improve their internal dispute resolution systems after a targeted review of trustee compliance with the enforceable complaints handling requirements found that some trustees had sub‑standard arrangements for managing complaints.
20 September 2022 – AMP companies admit liability and fined $14.5 million for fees for no service
Five companies that are or were part of the AMP Limited group (together ‘AMP’) have been ordered by the Federal Court to pay a total $14.5 million in penalties for charging fees for services that were not provided to 1,452 superannuation members.
29 August 2022 – Super trustees urged to improve effectiveness of target market determinations
ASIC is calling on superannuation trustees to review and if necessary improve the effectiveness of target market determinations (TMD) for their products, after a sample review of trustee compliance found some poor practices.
10 August 2022 – ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns
ASIC is examining superannuation trustees’ compliance with the new enforceable requirements in Regulatory Guide 271 Internal dispute resolution and has found indicators of significant compliance issues in the first stage of surveillance.
5 July 2022 – ASIC releases guidance for superannuation calculators and retirement estimates
ASIC has released Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) and a new legislative instrument updating the relief which facilitates the provision of superannuation calculators and retirement estimates.
24 June 2022 – ASIC warns super trustees to be transparent in their underperformance communications to members
ASIC has released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products.
15 June 2022 – Avanteos Investments penalised $1.7 million for defective disclosure statements
Avanteos Investments Limited, a former subsidiary of the Commonwealth Bank, has been convicted and penalised $1,710,000 by the County Court of Victoria for failing to update defective disclosure statements to superannuation members.
Reports
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.
REP 675 Default insurance in superannuation: Member value for money
Released 14 December 2020. This report shares insights from ASIC’s work on metrics for measuring the value for money that members receive from default insurance offered through superannuation. Superannuation trustees should reflect on our findings to improve how they measure member outcomes. This report forms part of ASIC’s broader work on insurance in superannuation.
Articles
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.
August 2022 – Delivering on portfolio holdings and fees and costs disclosure
Trustees are subject to a number of obligations that aim to enhance openness and accountability to both fund members and the public at large. Superannuation Senior Executive Leader, Jane Eccleston, sets out ASIC’s observations and expectations on how trustees should approach two obligations that require consideration in September.
April 2022 – Five things to know about the approach of regulated superannuation trustees to advice fees
ASIC outlines superannuation trustees approach to oversight of advice fee deductions for the financial advice industry.
April 2022 – Are you prepared for the Retirement Income Covenant?
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.
March 2022 - Better oversight of advice fee deductions recommended
ASIC and APRA jointly called on superannuation trustees to maintain appropriate oversight of advice fees deducted from member accounts in June last year. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, reminds trustees to reflect on their obligations.