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.

What's new

ASIC updates work on fee transparency for super and managed investment schemes

ASIC has extended beyond 30 September its facilitative compliance approach to fee and cost disclosure and will work with an external expert to conduct a review of the fees and costs disclosure under RG 97.

Read the media release

Innovative retirement income stream products

From 1 July 2017, the government will extend the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. A new cross-agency process has been developed to help industry.

Find out more about this cross-agency initiative and how to apply


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