Super news and reports

Letters to trustees

29 October 2019 - Member communications in relation to Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.

4 October 2019 - Insurance in Superannuation Voluntary Code of Practice

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.

10 April 2019 - ASIC and APRA publish joint letter on superannuation fees

ASIC and APRA have written to all registerable superannuation entity licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.

2 April 2019 - Member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill

ASIC has written to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018.

Media releases

3 December 2019  -  19-333MR ASIC releases report on financial advice provided by superannuation funds

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

29 November 2019 - 19-328MR ASIC releases updated RG 97 on fees and cost disclosure

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

30 October 2019 - 19-296MR ASIC warns trustees on new rules for Putting Members’ Interests First

ASIC has called on superannuation trustees to improve the standard of communication to fund members about important reforms impacting member insurance arrangements.

29 October 2019 - 19-295MR ASIC extends relief for portfolio holdings disclosure

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

17 October 2019 – 19-281MR ASIC calls on insurers and trustees to take action to improve consumer outcomes from total and permanent disability insurance.

A review by ASIC has found significant industry-wide problems with the design of total and permanent disability (TPD) insurance and the claims handling process that mean many consumers can’t rely on this cover when they need it most.

14 October 2019 - 19-279MR ASIC 'calls time' on disclosure reliance

In a joint report published today, ASIC and the Dutch Authority for the Financial Markets (AFM) looked at the effectiveness of disclosure for financial products on consumer outcomes.

11 October 2019 - 19-277MR ASIC urges consumers to question whether SMSFs are right for them

ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances.

19 September 2019 - 19-259MR 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.

11 September 2019 - 19-249MR ASIC update on Royal Commission implementation

ASIC today provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission).

More media releases on superannuation

Reports

REP 639 Financial advice by superannuation funds

Released 3 December 2019. This report examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

REP 633 Holes in the safety net: A review of TPD insurance claims

Released 17 October 2019. This report summarises the findings and recommendations from ASIC’s thematic review of total and permanent disability (TPD) insurance in Australia.

REP 632 Disclosure: Why it shouldn’t be the default

Released 14 October 2019. This report focuses on the real-world context in which disclosure operates.

REP 591 Insurance in superannuation

Released 7 September 2018. This report sets out the findings from recent ASIC work on issues relevant to the consumer experience of insurance provided through superannuation.

REP 576 Member experiences with self-managed superannuation funds

Released 28 June 2018. This report gives a comprehensive overview of research commissioned by ASIC into the experiences Australians have when setting up and running self-managed superannuation funds (SMSFs).

REP 575 SMSFs: Improving the quality of advice and member experiences

Released 28 June 2018. ASIC has undertaken a large research project to examine:

  • member experiences in setting up and running a self-managed superannuation fund (SMSF) (member research); and
  • whether advice providers are complying with the law when providing personal advice to retail clients to set up an SMSF (advice review).

REP 553 Overview of licensing and professional registration applications

Released 30 November 2017. This report outlines ASIC’s decisions on applications for the period from 1 July 2016 to 30 June 2017 (relevant period) for:

  • new Australian financial services (AFS) licences and licence variations
  • new Australian credit licences (credit licences) and licence variations
  • the registration of liquidators, official liquidators, company auditors and approved self-managed superannuation fund (SMSF) auditors, and
  • financial markets, clearing and settlement (CS) facilities, and derivative trade repositories (trade repositories).

More reports on superannuation

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What's new

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

Letter to trustees on new rules for Putting Members’ Interests First

30 October 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.

Read the letter

Read the media release

Read APRA’s letter and FAQs 

ASIC extends relief for portfolio holdings disclosure

29 October 2019

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

Read the media release

ASIC has released Report 633

17 October 2019

ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.

ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.

Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.

Listen to the podcast

Read the report

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

More super news and reports

Last updated: 03/12/2019 04:02