Letters to trustees
ASIC issue letters to trustees to guide and assist the industry to meet the regulatory requirements relevant to the superannuation industry.
See Superannuation news and reports for other communications.
Letters to trustees
8 August 2023 – Annual Performance Assessment 2023
ASIC has written to superannuation trustees regarding the 2023 annual performance assessment. This is the first year that the performance assessment will apply to both trustee-directed products and MySuper products.
7 March 2022 – ASIC and APRA release joint letter on implementation of the retirement income covenant
ASIC and APRA have issued a joint letter to all RSE licensees on the implementation of a new retirement income covenant (the covenant).
The letter follows the Government’s legislative amendments to the Superannuation Industry (Supervision) Act 1993, that will come into effect from 1 July 2022, and it sets out ASIC's and APRA's expectations of RSE licensees in implementing new requirements for their members in response to the covenant.
13 October 2021 – ASIC calls on Australian CEOs to review whistleblower policies
ASIC has written to CEOs of public companies, large proprietary companies and trustees of RSEs urging them to review their whistleblower policies to ensure they comply with the law.
30 June 2021 – ASIC and APRA letter to trustees on oversight of advice fee deductions from member accounts
ASIC and APRA have issued a joint letter outlining the regulators’ expectations of superannuation trustees in their oversight of financial advice fees charged to members’ accounts. The letter provides additional guidance informed by surveillances of trustees’ oversight frameworks and practices, cases identified during the Financial Services Royal Commission, and new obligations introduced by the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021, which commences on 1 July 2021.
28 April 2021 – Internal dispute resolution (IDR) in superannuation: Transition from RG 165 to RG 271 from 5 October 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.
20 January 2021 – ASIC letter to superannuation trustees authorised to provide a superannuation trustee service
ASIC has issued a letter to superannuation trustees who from 1 January 2021, are authorised provide a superannuation trustee service by their Australian financial services licence. Only superannuation trustees who are existing Australian financial services licensees authorised to deal in superannuation and who are also RSE licensees regulated by APRA are taken by law to be authorised for the new financial service.
ASIC’s letter provides further information about the licensing regime changes that are relevant to them.
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 letter to trustees on oversight of advice fee deductions from member accounts
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.