Superannuation law reform

We are still working with Treasury and our stakeholders to implement final reforms from the Governments Stronger Super program, principally Choice product dashboard and portfolio holdings disclosure. Updates on the progress of implementation on these reforms will be available on this site.

Productivity Commission Review

On 7 July 2017 the Productivity Commission released an issues paper for its 12 month Inquiry into the Competitiveness and Efficiency of the Superannuation System.

ASIC made a submission on the Issues paper.

Timing for release of the Draft paper for further comment is to be advised.

This Inquiry is the third and final stage of the Commission’s Review of the superannuation system, flowing from the Australian Government’s response to the 2014 Financial System Inquiry. Read ASIC's submission on Stage 1 'How to Assess Competitiveness and Efficiency' and Stage 2 'Alternative Default Models'.

The Commission has been asked to provide a final report to the Australian Government in June 2018.

Product design and distribution obligation 

Flowing from the 2014 Financial Systems Inquiry, the product design and distribution obligation is intended to help overcome the limitations of disclosure and, in so doing, address the interests and needs of consumers.

Product intervention powers

Flowing from the 2014 Financial Systems Inquiry, the product intervention power is intended to enable ASIC to respond to market problems in a flexible, effective and timely way.

Read more on the 2014 Financial System Inquiry here:

Key FSI recommendations regarding superannuation

'Objective of Super'

The Government announced that it would develop legislation to enshrine the objective of superannuation, and released a discussion paper (‘Objective of superannuation’in March 2016 providing background and questions for consultation on the proposed objective of the superannuation system. Submissions are now closed.

ASIC made a submission on the objectives of superannuation.

Improving Accountability and Member Outcomes Bill

The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1) Bill ("Omnibus Bill") was introduced by the Government into the Senate in September 2017. The Bill has been debated but has not been voted on by Parliament.

Further update on the passage of this Bill and what new requirements it imposes will be included on this page over time.

Financial Services Royal Commission

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017.

ASIC is working with the Royal Commission as assistance is requested.

MyRetirement products

This issue is currently with Treasury.

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: 10/04/2018 10:34