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.

Read the letter

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.

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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

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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.

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).

More reports on superannuation

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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

ASIC News centre

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What's new

APRA and ASIC letter in relation to the Member Outcomes obligations and Product design and distribution obligations

15 December 2020

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.

Read the letter

ASIC report explores how to measure ‘value for money’ in default insurance in superannuation

14 December 2020

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.

Read the media release

Virtual roundtable - Internal Dispute Resolution in Super

11 December 2020

On 25 November 2020, ASIC held a virtual roundtable to assist industry in understanding the new RG 271 standards. View a copy of the slides from the roundtable, including responses to common questions raised before or at the roundtable here (PDF 215 KB).

ASIC extends relief from portfolio holdings disclosure

8 December 2020

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.

Read the media release

Clarifying intra-fund advice

4 December 2020

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.

Read the article

Trustees to improve occupational classification practices in insurance in superannuation

3 December 2020

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.

Read the media release

ASIC releases consumer research on insurance in super

20 November 2020

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.

Read the media release

Virtual roundtable - Internal Dispute Resolution in Super

16 November 2020

ASIC is conducting a virtual roundtable on November 25th discussing Internal Dispute Resolution in Super - New Enforceable Requirements (RG 271). 

This roundtable is targeted at Senior Risk and/or Compliance Persons and Trustee Office Leaders. If you are interested in attending please RSVP by 20 November to IDRinSuper1@asic.gov.au

Read the invite

Media release on updated guidance

2020-21: ASIC’s focus in superannuation

10 November 2020

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.

Read the article

Support and protections for whistleblowers

7 October 2020

The Australian Government’s whistleblower protection reforms 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.

Read the article

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

More super news and reports

Last updated: 22/12/2020 03:03