05-176 ASIC guidance on giving super switching advice
Friday 24 June 2005
The Australian Securities and Investments Commission (ASIC) has today issued a guide for advisers to help them comply with the Corporations Act when they give personal advice about switching super funds.
‘While super choice doesn’t impose any new obligations on advisers, this practical guide will help advisers in the “choice” environment’, Mr Jeremy Cooper, ASIC Deputy Chairman, said.
The guide takes the form of a series of questions and answers, using practical examples. It explains what investigations, disclosures and comparisons need to be made in relation to a client’s existing super fund and any new fund that might be recommended.
The guide has been developed in close consultation with the Financial Planning Association (FPA) and the Investment & Financial Services Association (IFSA).
‘ASIC has been grateful for the thoughtful input from industry on the guide. We have welcomed their cooperation and have a high expectation about the greater readiness of the financial planning industry to play their role in advising about super choice’, Mr Cooper said.
The guide adds to the things ASIC has already done to help advisers understand their obligations in the lead up to choice. ASIC is also making presentations to all segments of the advising industry; providing guidance documents, such as our recent FAQ for employers about what they can and can’t say about choice; and carrying out surveillance and enforcement activities.
As part of the whole of government education campaign on super choice, ASIC has also:
- prepared the Super Choices consumer booklet (so far, more than a million copies have been distributed)
- with the ATO and Treasury, developed the www.superchoice.gov.au website
- provided a range of practical tools on its consumer website www.fido.gov.au – like ASIC’s super calculator and information on comparing fund performance
- assisted comparison of super funds by allowing the use of superannuation calculators.
End of release
Download a copy of the guide
ASIC Website: Printed 02/10/2010
