Member communications associated with the Protecting Your Superannuation Package Act - 2 April 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, particularly in relation to initial insurance cancellation notices to be issued by 1 May 2019.

Read the letter (PDF 143 KB)

What's new

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

21 February 2024

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.

Read the release

Read the report

ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees

21 December 2023

A new instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.

Read more about the deferral

OnePath Custodians penalised $5 million for fees for no service misconduct

29 November 2023

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.

Read the media release

HESTA trustee pays infringement notices for misleading marketing

10 November 2023

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.

Read the media release

ASIC takes civil penalty action against Telstra Super

6 November 2023

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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ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee

6 November 2023

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

Read more

Last updated: 28/01/2022 11:10