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.

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Roundtables

Roundtables are a joint initiative of ASIC and APRA to engage with top executives of a cross-section of superannuation funds. 

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Media releases

18 September 2024 – ASIC’s proceedings against Rest alleging misleading member representations are dismissed

The Federal Court has dismissed ASIC’s case against superannuation trustee, Rest, for allegedly making misleading representations about limitations on members’ rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018.

2 August 2024ASIC’s first greenwashing case results in landmark $11.3 million penalty for Mercer

The Federal Court has ordered Mercer Superannuation (Australia) Limited to pay a $11.3 million penalty after it admitted it made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.

11 July 2024ASIC and APRA issue final rules and information for the Financial Accountability Regime

ASIC and APRA have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry, and takes effect for the insurance and superannuation industries from 15 March 2025.

2 July 2024 – Super trustees urged to strengthen oversight of retirement strategy implementation

ASIC and APRA are calling on superannuation trustees to boost efforts to track and measure the impact of their strategies to improve retirement outcomes for members.

5 June 2024 – Court finds Active Super made misleading ESG claims in a greenwashing action brought by ASIC

The Federal Court has found LGSS Pty Limited, as trustee of the superannuation fund Active Super, contravened the law in connection with various misleading representations concerning its environmental, social and governance (ESG) credentials.

9 May 2024 – ASIC calls on super trustees to improve gatekeeping of member savings

ASIC is calling on trustees to renew efforts to protect members from unscrupulous operators amid evidence of inadequate oversight of advice fee deductions.

21 February 2024 ASIC calls on industry to improve oversight of Choice super performance and address issues

ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.

29 November 2023 OnePath Custodians penalised $5 million for fees for no service misconduct

The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

10 November 2023 HESTA trustee pays infringement notices for misleading marketing

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

6 November 2023 ASIC takes civil penalty action against Telstra Super

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

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Reports

REP 784 Industry update: Pulse check on retirement income covenant implementation

Released 2 July 2024. This update summarises the responses to a voluntary survey issued by ASIC and APRA in November 2023. The survey gathered information on the self-assessments undertaken by RSE licensees on their progress and planned improvements since Report 766 Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review (REP 766).

REP 781 Review of superannuation trustee practices: Protecting members from harmful advice charges

Released 9 May 2024. This report provides insights into the extent to which superannuation trustees are acting to protect members’ superannuation balances from erosion by inappropriate advice charges. It summarises the findings of ASIC’s review of trustee progress in this area following earlier guidance from ASIC and APRA.

REP 779 Superannuation and choice products: What focus is there on performance?

Released 21 February 2024. This report examines the role of trustees, financial advisers and AFS licensees in influencing the investment options that make up member super portfolios as part of a choice super product.

REP 766 Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review

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.

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Articles

September 2024 – ASIC Corporate Plan 2024-25: Superannuation focus areas

ASIC has released its Corporate Plan, which details strategic priorities for superannuation. ASIC Commissioner Simone Constant writes that now is the time for trustees to redouble their efforts to strengthen their member proposition and deliver on their commitments to help Australians prosper in retirement.   

May 2024 – Improving superannuation member services — Dealing with death benefit claims

ASIC is calling on superannuation trustees to consider whether their arrangements for dealing with death benefit claims are fit for purpose, after an initial review identified areas for improvement in their public communications.   

October 2023 ASIC remains focused on improving superannuation outcomes for members

ASIC recently released its Corporate Plan for 2023–27, with a focus on FY 2023–24. Jane Eccleston - Senior Executive Leader, Superannuation and Life Insurance, details the regulator’s priorities in superannuation for the year ahead.

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.

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What's new

ASIC’s proceedings against Rest alleging misleading member representations are dismissed

18 September 2024

The Federal Court has dismissed ASIC’s case against superannuation trustee, Rest, for allegedly making misleading representations about limitations on members’ rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018.

Read the release

ASIC updates superannuation forecasts relief instrument

13 September 2024

ASIC has updated the default rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 from 4% p.a. to 3.7% p.a. following a period of industry consultation.

Read the release

ASIC’s Corporate Plan 2024-25: Superannuation focus areas

13 September 2024

ASIC has released its Corporate Plan, which details strategic priorities for superannuation. ASIC Commissioner Simone Constant writes that now is the time for trustees to redouble their efforts to strengthen their member proposition and deliver on their commitments to help Australians prosper in retirement.

Read the article

ASIC’s Moneysmart calls on super funds to better engage millennials

2 September 2024

Moneysmart convened a roundtable of leading influential voices for millennials and their finances that is sounding the alarm for superannuation funds to lift their game and increase services, transparency, and improved access to information to better engage millennial members.

Read the release

ASIC and APRA host Superannuation CEO Roundtables

2 September 2024

APRA and ASIC have released public notes from the latest Roundtables. The theme of the Roundtables was superannuation funds as investors of members’ money.

Read the notes

A guide to ‘good’: delivering better retirement outcomes and member services for Australians

14 August 2024

Speech by ASIC Commissioner Simone Constant at a joint ASIC/APRA session at the Conexus Institute Retirement Conference.

Read the speech

Last updated: 19/09/2024 12:19