Super news and reports

Letters to trustees

ASIC issues letters to trustees to guide and assist the industry to meet the regulatory requirements relevant to the superannuation industry.

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Roundtables

Roundtables are a joint initiative of ASIC and APRA to engage with top executives of a cross-section of superannuation funds. 

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Media releases

21 February 2024 ASIC calls on industry to improve oversight of Choice super performance and address issues

ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.

29 November 2023 OnePath Custodians penalised $5 million for fees for no service misconduct

The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

10 November 2023 HESTA trustee pays infringement notices for misleading marketing

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

6 November 2023 ASIC takes civil penalty action against Telstra Super

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

6 November 2023 ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustees

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

3 October 2023 ASIC and APRA commence joint administration of the new Financial Accountability Regime

ASIC and APRA have published an information package to support the financial services industry in implementing the Financial Accountability Regime.

8 September 2023 ASIC sues AustralianSuper over multiple superannuation accounts

ASIC has commenced civil penalty proceedings against the trustee of Australia’s largest superannuation fund, AustralianSuper, alleging failures to address multiple member accounts.

11 August 2023 – ASIC commences greenwashing case against Active Super

ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super).

18 July 2023 – Review finds super trustees need to improve retirement outcomes planning

A thematic review of how trustees are supporting their members under the Retirement Income Covenant found trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by ASIC and APRA.

29 June 2023ASIC warns super trustees to boost efforts to consolidate duplicate member accounts

ASIC is warning trustees to effectively consolidate duplicate member accounts after a recent review identified poor practices resulting in consumer harm.

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Reports

REP 779 Superannuation and choice products: What focus is there on performance?

Released 21 February 2024. This report examines the role of trustees, financial advisers and AFS licensees in influencing the investment options that make up member super portfolios as part of a choice super product.

REP 766 Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review

Released 18 July 2023. This information report sets out the findings of a recent thematic review of the implementation of the Retirement Income Covenant by a sample of RSE licensees. The review was undertaken jointly by ASIC and APRA.

REP 760 Insurance in superannuation: Industry progress on delivering better outcomes for members

Released 22 March 2023. This report examines progress by trustees to improve their arrangements for life insurance in superannuation. These improvements respond to issues identified in ASIC’s public communications on life insurance in superannuation since 2019 and recent regulatory reforms.

REP 752 Review of written responses to superannuation complaints

Released 9 December 2022. This report summarises the findings from an evaluation conducted for ASIC by Susan Bell Research of 274 responses to general superannuation complaints issued by 10 trustees. It highlights the elements identified in the research as undermining the effectiveness of written responses to complaints and includes seven recommendations for how these responses can be improved.

REP 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees

Released 9 December 2022. This report provides insights for compliance by superannuation trustees with enforceable obligations and guidance in Regulatory Guide 271 Internal dispute resolution (RG 271). In particular, it outlines areas for improvement identified through ASIC’s review of the timeliness and content of responses to complaints, systemic issue identification and management, and trustee processes.

REP 731 Response to submissions on CP 351 Superannuation forecasts: Update to relief and guidance

Released 5 July 2022. This report highlights the key issues that arose out of the submissions received on Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) and details our responses to those issues.

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Articles

October 2023 ASIC remains focused on improving superannuation outcomes for members

ASIC recently released its Corporate Plan for 2023–27, with a focus on FY 2023–24. Jane Eccleston - Senior Executive Leader, Superannuation and Life Insurance, details the regulator’s priorities in superannuation for the year ahead.

June 2023 Improving superannuation outcomes for First Nations members

Ahead of the Indigenous Superannuation Summit in June, ASIC’s Superannuation Senior Executive Leader, Jane Eccleston reflects on ASIC’s Indigenous Financial Services Framework and the steps trustees should take to better meet their First Nations members’ needs.

May 2023 Distributing super products through employers – what trustees need to know

Following a recent review of how trustees are engaging with employers as a channel for distributing super products, Superannuation Senior Executive Leader, Jane Eccleston reflects on whether trustees are meeting new requirements.

April 2023 Turning negatives into positives: Handling complaints with a consumer-focus

With the right focus, trustees can leverage member complaints to make positive changes to their products and services and improve members' trust and confidence in their fund. ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, reflects on areas trustees can work on to enhance their focus on members, following a recent review by ASIC.

January 2023 ASIC is watching superannuation funds' advertising

Superannuation trustees need to take positive steps to ensure their fund advertising is not misleading or deceptive as they strive to attract and retain members. Superannuation Senior Executive Leader, Jane Eccleston, draws out some relevant lessons for trustees from ASIC’s ongoing monitoring of industry practices.

November 2022 ASIC’s focus in superannuation 2022-23

As the superannuation industry contends with ongoing change driven by factors such as law reform and economic, technological and climate risks, ASIC reminds trustees to be responsible, accountable and transparent in implementing regulatory obligations. Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities for FY 2022-23.

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Related links

What's new

ASIC calls on industry to improve oversight of Choice super performance and address issues

21 February 2024

ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.

Read the release

Read the report

ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees

21 December 2023

A new instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.

Read more about the deferral

OnePath Custodians penalised $5 million for fees for no service misconduct

29 November 2023

The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

Read the media release

HESTA trustee pays infringement notices for misleading marketing

10 November 2023

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

Read the media release

ASIC takes civil penalty action against Telstra Super

6 November 2023

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

Read the media release

ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee

6 November 2023

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

Read more

Last updated: 21/02/2024 03:43