Super news and reports

Letters to trustees

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.

ASIC and APRA have written to all registrable RSE licensees reminding trustees of their obligations during this time.

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.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

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.

2 April 2019  Member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill

ASIC has written to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018.

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Media releases

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.

12 February 2020 – 20-030MR ASIC releases report reviewing trustees' PYSP communications

ASIC today released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP).

13 December 2019  19-352MR Superannuation industry urged to focus on improving insurance outcomes for members

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation.

3 December 2019  19-333MR ASIC releases report on financial advice provided by superannuation funds

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

29 November 2019  19-328MR ASIC releases updated RG 97 on fees and cost disclosure

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

More media releases on superannuation

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Reports

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.

REP 646 Insurance in superannuation 2019–20: Industry implementation of the Voluntary Code of Practice

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).

REP 575 SMSFs: Improving the quality of advice and member experiences

Released 28 June 2018. ASIC has undertaken a large research project to examine:

  • member experiences in setting up and running a self-managed superannuation fund (SMSF) (member research); and
  • whether advice providers are complying with the law when providing personal advice to retail clients to set up an SMSF (advice review).

REP 553 Overview of licensing and professional registration applications

Released 30 November 2017. This report outlines ASIC’s decisions on applications for the period from 1 July 2016 to 30 June 2017 (relevant period) for:

  • new Australian financial services (AFS) licences and licence variations
  • new Australian credit licences (credit licences) and licence variations
  • the registration of liquidators, official liquidators, company auditors and approved self-managed superannuation fund (SMSF) auditors, and
  • financial markets, clearing and settlement (CS) facilities, and derivative trade repositories (trade repositories).

More reports on superannuation

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Articles

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.

6 November 2019 ASIC’s focus in superannuation

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, spells out what it expects of trustees, especially in their dealing with members.

More articles on superannuation

ASIC News centre

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What's new

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.

Read the release

 

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.

Read the article

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.

Read the release

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.

Read the release

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.

Read the article

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.

Read the article

No-action position

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’.

Media release on relief measures

Temporary no-action position

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.

Read the article

COVID-19 information

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.

Read the article

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 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).

Read the media release

Read the report

ASIC's focus in superannuation

6 November 2019

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

Superannuation industry urged to focus on improving insurance outcomes for members

13 December 2019

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation. Read the media release.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

Letter to trustees on new rules for Putting Members’ Interests First

30 October 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.

Read the letter

Read the media release

Read APRA’s letter and FAQs 

ASIC extends relief for portfolio holdings disclosure

29 October 2019

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

Read the media release

ASIC has released Report 633

17 October 2019

ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.

ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.

Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.

Listen to the podcast

Read the report

More super news and reports

Last updated: 25/09/2020 02:06