Temporary arrangements for trustees notifying ASIC of new responsible managers

On 20 January 2021, ASIC wrote to superannuation trustees who are now authorised, by law, to provide a superannuation trustee service.

In that letter, ASIC asked affected trustees to consider whether the existing responsible managers nominated for the purposes of their Australian financial services (AFS) licence have the combined knowledge and skills across all financial services and products covered by their AFS licence. If trustees’ existing responsible managers cannot meet these requirements, then trustees may need to appoint additional responsible managers that do.

Following recent feedback from the industry, as a temporary measure, ASIC will not require trustees notifying ASIC of the appointment of new responsible manager(s), for the provision of a superannuation trustee service, to provide the following proof documents that would usually be required at the time of notification:

  • qualification certificates; and
  • two business references.

The temporary arrangements apply to new responsible manager notifications only, in circumstances where the trustee does not request a separate variation to the conditions of their AFS licence.

In implementing the temporary arrangements, ASIC seeks to facilitate the efficient transition of public offer superannuation trustees to the new regulatory regime, in recognition of their longstanding RSE licenses and APRA’s role of licensing superannuation trustees for regulated superannuation funds.

Given the new authorisation captures activities currently undertaken by trustees in the course of operating their funds, we expect that trustees already have the appropriate people in place to act as responsible managers.

Temporary arrangements for non-public offer trustees

ASIC will also extend the temporary arrangements to non-public offer trustees applying to ASIC for a new AFS licence or to vary their existing AFS licence for authorisations to provide a superannuation trustee service and to deal in superannuation.

In recognition of their RSE licences issued by APRA and to promote an efficient transition to the new regulatory regime, non-public offer trustees nominating responsible managers for the provision of a superannuation trustee service and to deal in superannuation will not be required to provide qualification certificates and business references for the responsible managers.

However, ASIC may ask questions about the qualifications and competency of the nominated responsible managers as part of our assessment of non-public offer trustees’ AFS licence applications.   

Non-public offer trustees that are in the process of, or considering a merger or successor fund transfer should contact ASIC at NPOtrustees@asic.gov.au as soon as possible.

The temporary arrangements will end on 1 July 2021.   

Trustees must ensure that the remainder of the proof documents are submitted in accordance with ASIC’s requirements.

What's new

ASIC’s focus in superannuation 2021–22 

23 November 2021

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.

Read the article

ASIC consults on updates to relief for superannuation calculators and retirement estimates

18 November 2021

ASIC has released Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools.

Read the media release

ASIC releases updated information about the distribution of superannuation products

15 October 2021

ASIC has released updated information for employers and trustees about changes affecting the distribution of superannuation products as a result of recent law reforms.

Read the media release

Enforceable IDR requirements

15 October 2021

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. 

Read the article

ASIC calls on Australian CEOs to review whistleblower policies

13 October 2021

ASIC has written to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) urging them to review their whistleblower policies to ensure they comply with the law.

Read the media release

Check on superannuation trustee preparedness for new IDR requirements finds more work required

2 September 2021

A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work.

Read the media release


Last updated: 30/03/2021 09:22