ASIC’s Focusing on Superannuation Industry

As per ASFA, at present, superannuation industry is impacted by culture, customers, compliance, competition and change. ASIC is focused on how these forces demonstrate in the behavior of trustees daily, especially in dealing with members.

In 2019 to 2023 Corporate Plan, ASIC highlighted that it aims to attain its vision for air, strong and efficient financial system for all Australians. It would also be looking at methods to address consumer harm, penalizing illegal behavior, and promoting better culture and behavior. Greater emphasis would be given on fairness and professionalism across the financial services industry.

Now, as per the Government, ASIC should be the conduct & disclosure regulator for superannuation & APRA would remain be the prudential regulator accountable for system & fund performance.

Other important priorities of ASIC include:

·         High-prevention enforcement act

·         Arranging the suggestions & referrals from the Financial Services Royal Commission

·         Focus On harms in insurance

·         Enhancing governance & accountability

·         Shielding vulnerable consumers

·         Addressing poor financial advice results

Key focus points for ASIC’s work in superannuation:

·         Advice in superannuation

·         Insurance in superannuation

·         Fees & cost disclosure

·         Acting against wrongdoing by super trustees

 

·         High-prevention enforcement act

·         Arranging the suggestions & referrals from the Financial Services Royal Commission

·         Focus On harms in insurance

·         Enhancing governance & accountability

·         Shielding vulnerable consumers

·         Addressing poor financial advice results

Key focus points for ASIC’s work in superannuation:

·         Advice in superannuation

·         Insurance in superannuation

·         Fees & cost disclosure

·         Acting against wrongdoing by super trustees

 

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