Super news and reports
Letters to trustees
15 December 2020 - APRA and ASIC letter in relation to the Member Outcomes obligations and Product design and distribution obligations
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.
1 April 2020 – ASIC and APRA letter to superannuation trustees on impact of COVID-19
The unusual and challenging circumstances associated with COVID-19 require trustees to make new business arrangements, amend priorities and adjust their short-term investment strategies.
14 February 2020 – ASIC and APRA welcome law reform on superannuation regulatory roles
ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation. The regulators have issued a joint letter to superannuation trustees explaining how regulatory oversight will operate (assuming the reforms become law) and how ASIC and APRA will work together to more effectively promote better outcomes for members.
Download the letter (PDF 134 KB)
13 December 2019 – Superannuation industry urged to focus on improving insurance outcomes for members
ASIC has released Report 646 on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation.
29 October 2019 – Member communications in relation to Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019
ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.
4 October 2019 – Insurance in Superannuation Voluntary Code of Practice
ASIC has issued a letter to superannuation industry associations, outlining our observations and concerns about the implementation of the Insurance in Super Voluntary Code of Practice.
10 April 2019 – ASIC and APRA publish joint letter on superannuation fees
ASIC and APRA have written to all registerable superannuation entity licensees to reinforce the importance of ensuring fees charged to members are in line with the members’ best interests.
Media releases
14 December 2020 – ASIC report explores how to measure ‘value for money’ in default insurance in superannuation
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.
8 December 2020 – ASIC extends relief from portfolio holdings disclosure
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.
3 December 2020 – Trustees to improve occupational classification practices in insurance in superannuation
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.
20 November 2020 – ASIC releases consumer research on insurance in super
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.
25 September 2020 – ASIC extends COVID-19 relief for certain capital raisings and financial advice
ASIC is extending the temporary relief for capital raisings and financial advice due to the continuing uncertain impacts of COVID-19. ASIC is also 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.
7 August 2020 – Superannuation trustees compensate members wrongly classified as ‘smokers’
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.
30 July 2020 – 20-171MR ASIC releases final updated guidance on complaints handling
ASIC has today released updated requirements for how financial firms deal with consumer and small business complaints – under their Internal Dispute Resolution (IDR) procedures.
24 July 2020 – 20-167MR ASIC releases minor updates to RG 97
ASIC today released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products.
14 April 2020 – 20-085MR ASIC grants relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic
ASIC has today announced three temporary relief measures that will assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic.
14 February 2020 – 20-034MR ASIC and APRA welcome law reform on superannuation regulator roles
ASIC and APRA welcome law reform on superannuation regulator roles. The draft legislation introduces important reforms that will support ASIC and APRA to carry out their roles as co-regulators in superannuation.
More media releases on superannuation
Reports
REP 675 Default insurance in superannuation: Member value for money
Released 14 December 2020. This report shares insights from ASIC’s work on metrics for measuring the value for money that members receive from default insurance offered through superannuation. Superannuation trustees should reflect on our findings to improve how they measure member outcomes. This report forms part of ASIC’s broader work on insurance in superannuation.
REP 673 Consumer engagement in insurance in super
Released 20 November 2020. The report prepared by Susan Bell Research 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.
REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165
Released 30 July 2020. This report highlights the key issues that arose out of the submissions received on Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) and details our responses to those issues.
REP 655 Review of member communications: Protecting Your Superannuation Package (PYSP) reform
Released 12 February 2020. This report details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act). It outlines our expectations about trustees’ future communications to members and contributes to ASIC’s ongoing body of work in relation to insurance in superannuation.
Released 13 December 2019. This report provides background to our work in insurance in superannuation. It also examines industry progress on the implementation of the Insurance in Superannuation Voluntary Code of Practice.
REP 639 Financial advice by superannuation funds
Released 3 December 2019. This report examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.
REP 633 Holes in the safety net: A review of TPD insurance claims
Released 17 October 2019. This report summarises the findings and recommendations from ASIC’s thematic review of total and permanent disability (TPD) insurance in Australia.
REP 632 Disclosure: Why it shouldn’t be the default
Released 14 October 2019. This report focuses on the real-world context in which disclosure operates.
REP 591 Insurance in superannuation
Released 7 September 2018. This report sets out the findings from recent ASIC work on issues relevant to the consumer experience of insurance provided through superannuation.
REP 576 Member experiences with self-managed superannuation funds
Released 28 June 2018. This report gives a comprehensive overview of research commissioned by ASIC into the experiences Australians have when setting up and running self-managed superannuation funds (SMSFs).
More reports on superannuation
Articles
4 December 2020 – Clarifying intra-fund advice
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.
10 November 2020 – 2020-21: ASIC’s focus in superannuation
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.
7 October 2020 – Support and protections for whistleblowers
The Australian Government’s reforms to strengthen the whistleblower protection regime for superannuation funds 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.
9 September 2020 – ASIC updates the fees and costs disclosure regime
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.
3 July 2020 – The role of super funds during COVID-19
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s focus and what it expects from industry in the current environment.
6 May 2020 – Finding and consolidating ‘lost’ superannuation
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses some of the issues ASIC has identified to help trustees best guide their fund members.
3 April 2020 – ASIC examines advice in super
ASIC’s Financial Advisers Senior Executive Leader, Kate Metz, discusses the regulator’s recent report on financial advice by superannuation funds.
4 March 2020 – Member communication must be crystal clear, says ASIC
ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s recent review of trustee communications regarding Protecting Your Superannuation Package (PYSP) reforms.
More articles on superannuation
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