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:

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.

MyRetirement products

This issue is currently with Treasury.

What's new

Lifting the Bar, Superfunds June 2019

ASIC is urging superannuation trustees to prioritise member interests when handling insurance claims and complaints.

In this month’s Superfunds magazine, Senior Executive Leader for Superannuation, Jane Eccleston explains why change is necessary and how small improvements can make a big difference for super fund members.

Read the article (PDF 376KB)

Member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

11 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

ASIC and APRA publish joint letter on superannuation fees

10 April 2019

ASIC and APRA have published a joint letter to all registrable superannuation entity licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.

Read the release and joint letter

Roundtable meetings on fees and cost disclosure

5 March 2019

ASIC held roundtable meetings on the RG 97 fees and costs disclosure regime:

- in Sydney on Monday 4 March 2019 at ASIC’s office at 100 Market Street, and

- in Melbourne on Tuesday 5 March 2019 at ASIC’s office at 120 Collins Street.

Find out more

RG 97 Consultation Paper

8 January 2019

ASIC had released a consultation paper seeking industry feedback on proposals to make changes to the fees and costs disclosure regime.

Read the media release

Read the consultation paper

Find out more about the consultation

Compliance time period extended for ASIC Class Order [CO 14/1252]

11 December 2018

ASIC has extended the time periods for compliance with certain aspects of the fee and cost disclosure requirements in ASIC Class Order [CO 14/1252] for one further year to their equivalent dates in 2020.

Find out more about the extension

RG 97 review

24 July 2018

The external review by Darren McShane into Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97) is now complete and ASIC has published Mr McShane’s report.

Read the report

ASIC appoints expert to review fees and costs disclosure settings

ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97. The review is expected to be completed in the first half of 2018.

Read the media release | Find out more


Last updated: 10/04/2018 10:34