ASIC's role in super

ASIC is principally responsible for the enforcement of the Corporations Act 2001 (Corporations Act) which regulates the conduct and disclosure obligations of financial services providers (including superannuation trustees that hold an Australian financial services (AFS) licence).

As the conduct and disclosure regulator, ASIC’s role primarily concerns the relationship between trustees and individual consumers. ASIC aims to look after consumers ensuring they receive proper disclosure, are dealt with fairly by qualified people, continue to receive useful information about their investment or product and can access proper complaints-handling procedures. Promoting confident and informed investors and financial consumers is one of ASIC's strategic priorities.

ASIC's role in superannuation includes:

  • considering reports of misconduct and breach notifications

  • assessing AFS licence applications and exercising administrative powers (including stop orders on disclosure material, where appropriate) and

  • undertaking surveillances to ensure compliance with the provisions of the relevant Acts administered by ASIC.

We may also grant relief in appropriate circumstances, and provide policy guidance outlining ASIC's expectations in relation to certain requirements in the legislation.

How to seek relief from financial services provisions

Trustees that hold AFS licences with ASIC are required to notify ASIC of significant breaches under section 912D of the Corporations Act. See ASIC's Regulatory Guide 78 Breach Reporting by AFS licensees (RG 78).

If a trustee breaches both APRA-administered legislation and ASIC-administered legislation, the trustee may choose to use the APRA online form to notify ASIC as well as APRA of the breach. Further information is available on the APRA website.

ASIC also has a role in implementing Government reforms

More about ASIC's role

Co-regulators and the Superannuation Complaints Tribunal

Co-regulators of the superannuation industry are APRA and the ATO, with ASIC and APRA being principally responsible for the supervision of the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 respectively. The ATO has a regulatory role in relation to self-managed superannuation funds (SMSFs). Super funds also have important reporting and administrative obligations to the ATO.

ASIC has a memorandum of understanding in place with both ATO and APRA to help facilitate the exchange of information, where appropriate, between the regulators.

More about ASIC's interaction with other regulators and organisations

The Superannuation Complaints Tribunal (SCT) is an independent dispute resolution body which deals with superannuation-related complaints and offers a free, 'user-friendly' alternative to the court system. Further information about the types of complaints that can be considered, and the process for making a complaint, is available on the SCT website.

A single External Dispute Resolution body - the Australian Financial Complaints Authority (AFCA) - will soon be established to replace the SCT and the other two dispute resolution schemes operating at present.

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Under the new arrangements, regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year.

Read more about Industry funding.

What's new

RG 97 review

24 July 2018

The external review by Darren McShane into Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97) is now complete and ASIC has published Mr McShane’s report.

Read the report

Compliance time period extended for ASIC Class Order [CO 14/1252]

Due to the expert review of RG 97 that is currently underway, ASIC has decided to preserve the status quo at law by extending the time periods for compliance with certain aspects of ASIC Class Order [CO 14/1252] in relation to periodic statements and superannuation PDSs by one year. Accordingly ASIC has modified [CO 14/1252]. 

The modifications were made after ASIC received a request from representative industry bodies in the superannuation and managed investments industry. The modifications address concerns about industry incurring costs to prepare to implement new disclosure requirements while the outcome of expert review is unknown.

The modifications to [CO 14/1252] were made on 21 December 2017 and can be found on the Federal Register of Legislation.

ASIC appoints expert to review fees and costs disclosure settings

ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97. The review is expected to be completed in the first half of 2018.

Read the media release | Find out more


Releases

Superannuation member experience report

ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. 17-217MR. 30 June

Shorter PDS relief extended

ASIC has extended to 30 June 2018 relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. 17-216MR, 29 June

More releases on superannuation


ASIC Insights

ASIC Insights 2016 session video

Last updated: 09/04/2013 12:00