Superannuation guidance, relief and legislative instruments

ASIC issues guidance, regulatory relief, legislative instruments, information sheets and other documentation to guide and assist the superannuation industry.

We are always looking to improve our superannuation information and would like to know what’s important to you. Please leave us some feedback.

What's new

Infringement notices issued to Maritime Super for member fee statements

27 April 2022

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.

Read the media release

Westpac penalised $113 million after multiple ASIC legal actions

22 April 2022

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.

Read the media release

Are you prepared for the Retirement Income Covenant?

April 2022

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.

Read the article

BT Funds Management penalised $20 million for incorrectly charging commissions for insurance in superannuation

8 April 2022

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.

Read the media release

Superannuation trustees strengthen governance practices following ASIC surveillance of investment switching

6 April 2022

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.

Read the media release

ASIC extends relief for retirement estimates

30 March 2022

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.

Read the media release

Last updated: 18/05/2022 10:01