Superannuation law reform
We are still working with Treasury and our stakeholders to implement final reforms from the Governments Stronger Super program, principally Choice product dashboard and portfolio holdings disclosure. Updates on the progress of implementation on these reforms will be available on this site.
Productivity Commission Review
On 7 July 2017 the Productivity Commission released an issues paper for its 12 month Inquiry into the Competitiveness and Efficiency of the Superannuation System.
ASIC made a submission on the Issues paper.
Timing for release of the Draft paper for further comment is to be advised.
This Inquiry is the third and final stage of the Commission’s Review of the superannuation system, flowing from the Australian Government’s response to the 2014 Financial System Inquiry. Read ASIC's submission on Stage 1 'How to Assess Competitiveness and Efficiency' and Stage 2 'Alternative Default Models'.
The Commission has been asked to provide a final report to the Australian Government in June 2018.
Product design and distribution obligation
Flowing from the 2014 Financial Systems Inquiry, the product design and distribution obligation is intended to help overcome the limitations of disclosure and, in so doing, address the interests and needs of consumers.
Product intervention powers
Flowing from the 2014 Financial Systems Inquiry, the product intervention power is intended to enable ASIC to respond to market problems in a flexible, effective and timely way.
Read more on the 2014 Financial System Inquiry here:
- Read the final FSI report
- Read the Governments full response to the FSI - Improving Australia’s financial system: Government response to the Financial System Inquiry. The superannuation measures are summarised on page 5 of the Report
- Read ASIC's first and second submission to the FSI
- ASIC also made a submission on the objective of superannuation.
Key FSI recommendations regarding superannuation
'Objective of Super'
The Government announced that it would develop legislation to enshrine the objective of superannuation, and released a discussion paper (‘Objective of superannuation’) in March 2016 providing background and questions for consultation on the proposed objective of the superannuation system. Submissions are now closed.
ASIC made a submission on the objectives of superannuation.
Improving Accountability and Member Outcomes Bill
The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1) Bill ("Omnibus Bill") was introduced by the Government into the Senate in September 2017. The Bill has been debated but has not been voted on by Parliament.
Further update on the passage of this Bill and what new requirements it imposes will be included on this page over time.
Financial Services Royal Commission
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017.
ASIC is working with the Royal Commission as assistance is requested.
This issue is currently with Treasury.