Temporary arrangements for trustees notifying ASIC of new responsible managers

On 20 January 2021, ASIC wrote to superannuation trustees who are now authorised, by law, to provide a superannuation trustee service.

In that letter, ASIC asked affected trustees to consider whether the existing responsible managers nominated for the purposes of their Australian financial services (AFS) licence have the combined knowledge and skills across all financial services and products covered by their AFS licence. If trustees’ existing responsible managers cannot meet these requirements, then trustees may need to appoint additional responsible managers that do.

Following recent feedback from the industry, as a temporary measure, ASIC will not require trustees notifying ASIC of the appointment of new responsible manager(s), for the provision of a superannuation trustee service, to provide the following proof documents that would usually be required at the time of notification:

  • qualification certificates; and
  • two business references.

The temporary arrangements apply to new responsible manager notifications only, in circumstances where the trustee does not request a separate variation to the conditions of their AFS licence.

In implementing the temporary arrangements, ASIC seeks to facilitate the efficient transition of public offer superannuation trustees to the new regulatory regime, in recognition of their longstanding RSE licenses and APRA’s role of licensing superannuation trustees for regulated superannuation funds.

Given the new authorisation captures activities currently undertaken by trustees in the course of operating their funds, we expect that trustees already have the appropriate people in place to act as responsible managers.

Temporary arrangements for non-public offer trustees

ASIC will also extend the temporary arrangements to non-public offer trustees applying to ASIC for a new AFS licence or to vary their existing AFS licence for authorisations to provide a superannuation trustee service and to deal in superannuation.

In recognition of their RSE licences issued by APRA and to promote an efficient transition to the new regulatory regime, non-public offer trustees nominating responsible managers for the provision of a superannuation trustee service and to deal in superannuation will not be required to provide qualification certificates and business references for the responsible managers.

However, ASIC may ask questions about the qualifications and competency of the nominated responsible managers as part of our assessment of non-public offer trustees’ AFS licence applications.   

Non-public offer trustees that are in the process of, or considering a merger or successor fund transfer should contact ASIC at NPOtrustees@asic.gov.au as soon as possible.

The temporary arrangements will end on 1 July 2021.   

Trustees must ensure that the remainder of the proof documents are submitted in accordance with ASIC’s requirements.

What's new

ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law

18 June 2021

ASIC has extended existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees under the Corporations Act 2001.

Read the media release

Internal dispute resolution (IDR) in superannuation: Transition from RG 165 to RG 271 from 5 October 2021

28 April 2021

ASIC Commissioner Danielle Press wrote to all superannuation trustee CEOs recently, highlighting the importance of CEO level engagement with the obligations set out in Regulatory Guide 271 – Internal Dispute Resolution (RG 271). These obligations commence 5 October 2021. ASIC is also seeking information from the superannuation industry to understand progress of their preparations for RG 271.

Read the letter (PDF 90 KB)

ASIC’s expectations about new internal dispute resolution requirements for superannuation trustees

March 2021

Regulatory Guide 271: Internal dispute resolution (RG 271) was released in July 2020 and contains updated standards and requirements that will drive financial services firms to ensure they handle consumer complaints in a fair and timely manner.

Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the changes mean for trustees and outlines ASIC’s expectations.

Read the article

ASIC releases advice fee consent and lack of independence disclosure legislative instruments

25 March 2021

ASIC has made three legislative instruments that deal with advice fee consents and independence disclosure following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 earlier this month.

Read the media release

Insurance in super: Turning data into outcomes

12 March 2021

Recent changes to superannuation laws have created many immediate pressures and opportunities for trustees. One opportunity trustees have now is to think holistically about their systems and processes: can they be improved to deliver better outcomes for members and avoid poor outcomes that may only become apparent years down the track? Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses some of ASIC’s recent work on insurance in superannuation and how trustees can use data to improve the insurance they provide to members.

Read the article

Temporary arrangements for trustees notifying ASIC of new responsible managers

5 March 2021

Following recent feedback from the industry, as a temporary measure, ASIC will not require trustees notifying ASIC of the appointment of new responsible manager(s) for the provision of a superannuation trustee service, to provide proof documents that would usually be required at the time of notification.

Read more

Reforms of the core regulatory framework for superannuation

4 February 2021

Government reforms that expand ASIC’s role in superannuation commenced on 1 January 2021. The reforms enable ASIC to play a more effective role in regulating conduct in the superannuation industry to promote better consumer outcomes and market integrity. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the reforms mean for trustees, ASIC’s approach to the changes, and how ASIC and APRA will continue to work together as co-regulators of superannuation.

Read the article

More super news and reports

Last updated: 30/03/2021 09:22