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
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.
14 June 2022 – ASIC remakes relief on PDSs, superannuation dashboards and FSGs
ASIC has remade and combined seven legislative instruments relating to specific financial services disclosure requirements.
14 June 2022 – How to avoid ‘greenwashing’ for superannuation and managed funds
ASIC has released information sheet to help trustees avoid ‘greenwashing’ when offering or promoting sustainability-related products. The publication will also assist trustees to provide investors with the information they should have to make informed decisions.
27 April 2022 - Infringement notices issued to Maritime Super for member fee statements
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.
22 April 2022 - Westpac penalised $113 million after multiple ASIC legal actions
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.
8 April 2022 – BT Funds Management penalised $20 million for incorrectly charging commissions for insurance in superannuation
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.
6 April 2022 – Superannuation trustees strengthen governance practices following ASIC surveillance of investment switching
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.
30 March 2022 - ASIC extends relief for retirement estimates
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.
18 February 2022 - ASIC consults on proposals to remake PDS, superannuation dashboard and FSG legislative instruments
ASIC is seeking feedback on proposals to remake relief contained in seven legislative instruments relating to specific financial services disclosure requirements through Consultation Paper 358 Remaking ASIC relief on PDSs, superannuation dashboards and FSGs (CP 358).
More media releases on superannuation
Reports
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.
REP 673 Consumer engagement in insurance in super
Released 20 November 2020. The report prepared by Susan Bell Research presents findings from research exploring the experiences of superannuation fund members, who were not using a financial adviser, and directly contacted their fund to make enquiries about or make changes to their insurance arrangements.
REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165
Released 30 July 2020. This report highlights the key issues that arose out of the submissions received on Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) and details our responses to those issues.
REP 655 Review of member communications: Protecting Your Superannuation Package (PYSP) reform
Released 12 February 2020. This report details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act). It outlines our expectations about trustees’ future communications to members and contributes to ASIC’s ongoing body of work in relation to insurance in superannuation.
Released 13 December 2019. This report provides background to our work in insurance in superannuation. It also examines industry progress on the implementation of the Insurance in Superannuation Voluntary Code of Practice.
More reports on superannuation
Articles
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.
November 2021 - ASIC’s focus in superannuation 2021-22
While acknowledging the high volume of change in superannuation, ASIC, as conduct regulator for superannuation, continues to expect trustees to approach their regulatory obligations with responsibility, accountability, and transparency. Looking ahead to 2021-22, Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities.
October 2021 - Enforceable IDR requirements
The new enforceable internal dispute resolution (IDR) requirements in ASIC’s RG 271 commenced on 5 October. Here’s what trustees must do to comply.
June 2021 – Product distribution: get ready for change
Distribution rules for superannuation products are changing. Industry needs to be prepared for these reforms and should pay particular attention to the design and distribution obligations, which commence this October. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, answers some common questions about how the design and distribution obligations affect superannuation in ASFA’s Superfunds magazine.
March 2021 – ASIC’s expectations about new internal dispute resolution requirements for superannuation trustees
The Australian Securities and Investments Commission (ASIC) Regulatory Guide 271: Internal dispute resolution (RG 271) was released in July 2020 and contains updated standards and requirements that will drive financial services firms to ensure they handle consumer complaints in a fair and timely manner. RG 271 supersedes Regulatory Guide 165 Licensing: Internal and external dispute resolution, and is intended to raise internal dispute resolution (IDR) standards in the industry by encouraging firms to address systemic issues that may exist across their business.