Reforms of the core regulatory framework for superannuation
4 February 2021
Government reforms that expand ASIC’s role in superannuation commenced on 1 January 2021. The reforms enable ASIC to play a more effective role in regulating conduct in the superannuation industry to promote better consumer outcomes and market integrity. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the reforms mean for trustees, ASIC’s approach to the changes, and how ASIC and APRA will continue to work together as co-regulators of superannuation.
ASIC letter to superannuation trustees authorised to provide a superannuation trustee service
20 January 2021
ASIC has issued a letter to superannuation trustees who from 1 January 2021, are authorised provide a superannuation trustee service by their Australian financial services licence.
APRA and ASIC letter in relation to the Member Outcomes obligations and Product design and distribution obligations
15 December 2020
APRA and ASIC have issued a joint letter to RSE licensees in relation to the Member Outcomes (MO) obligations and the Product design and distribution obligations (DDOs), to assist RSE licensees to better understand the way in which the MO obligations and the DDOs interact.
ASIC report explores how to measure ‘value for money’ in default insurance in superannuation
14 December 2020
Report 675 Default insurance in superannuation: Member value for money (REP 675) explores metrics that can help superannuation trustees analyse the value for money of default insurance and deliver better outcomes for members.
Virtual roundtable - Internal Dispute Resolution in Super
11 December 2020
On 25 November 2020, ASIC held a virtual roundtable to assist industry in understanding the new RG 271 standards. View a copy of the slides from the roundtable, including responses to common questions raised before or at the roundtable here (PDF 215 KB).
ASIC extends relief from portfolio holdings disclosure
8 December 2020
ASIC has deferred the first reporting date for superannuation funds to disclose their portfolio holdings because the regulations supporting the requirements have not yet been made.
Clarifying intra-fund advice
4 December 2020
Superannuation members can receive limited financial advice about their superannuation from their superannuation fund at no extra cost. This advice model is generally referred to as intra-fund advice. However, the term ‘intra-fund advice’ has been subject to some confusion. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what intra-fund advice is and what ASIC expects of intra-fund advice providers.
Trustees to improve occupational classification practices in insurance in superannuation
3 December 2020
An ASIC review of default occupational categories in life insurance held through superannuation has identified ways for trustees to improve member outcomes and better meet legal obligations.
ASIC releases consumer research on insurance in super
20 November 2020
Report 673 Consumer engagement in insurance in super (REP 673) 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.
Virtual roundtable - Internal Dispute Resolution in Super
16 November 2020
ASIC is conducting a virtual roundtable on November 25th discussing Internal Dispute Resolution in Super - New Enforceable Requirements (RG 271).
This roundtable is targeted at Senior Risk and/or Compliance Persons and Trustee Office Leaders. If you are interested in attending please RSVP by 20 November to IDRinSuper1@asic.gov.au
2020-21: ASIC’s focus in superannuation
10 November 2020
Two things are certain for the superannuation industry this year: that the uncertainty and challenges created by COVID-19 are continuing, and that in the face of this uncertainty, trustees’ obligations to their members remain important. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses ASIC’s priorities for 2020-21.
Support and protections for whistleblowers
7 October 2020
The Australian Government’s whistleblower protection reforms have been in place for more than a year. Jane Eccleston, ASIC Superannuation Senior Executive Leader, reminds trustees of their obligations to support and protect whistleblowers and implement a whistleblower policy.
ASIC extends financial advice relief related to the COVID-19 early release of superannuation
23 September 2020
ASIC is extending the financial advice relief related to the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the Government.
ASIC updates the fees and costs disclosure regime
9 September 2020
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, provides an overview of ASIC’s latest update to Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements.
Superannuation trustees compensate members wrongly classified as ‘smokers’
7 August 2020
Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid.
Minor updates to RG 97
24 July 2020
ASIC has released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products.
The role of super funds during COVID-19
3 July 2020
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s focus and what it expects from industry in the current environment.
Finding and consolidating ‘lost’ superannuation
6 May 2020
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses some of the issues ASIC has identified to help trustees best guide their fund members.
14 April 2020
ASIC has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as ‘intra-fund advice’.
ASIC examines advice in super
3 April 2020
ASIC’s Senior Executive Leader — Financial Advisers, Kate Metz, discusses the regulator’s recent report on financial advice by superannuation funds.
1 April 2020
Read our frequently asked questions about current superannuation regulatory issues that have arisen from the COVID-19 pandemic.
ASIC and APRA have also published a joint letter to trustees.
Member communication must be crystal clear, says ASIC
4 March 2020
PYSP reforms: Trustees must provide members with accessible, accurate and actionable information.