For consumers

ASIC’s role in superannuation

ASIC is responsible for investor and consumer protection in financial services, including super and investments.

ASIC is focused on the behaviour of trustees of superannuation funds impacting consumers. ASIC may take action against trustees of superannuation funds in cases of serious misconduct or where trustees fail to meet their key obligations. ASIC wants to see superannuation funds operate in a way that is fair to members and promotes confidence in the superannuation system.

ASIC resources

See ASIC’s super funds page for information about super, including media releases and reports.

For a list of other useful links about super, see ASIC’s further resources on super page.

Moneysmart

ASIC’s Moneysmart website is a starting point for consumers and investors to make informed financial decisions. It provides free, independent guidance and superannuation and retirement calculators for consumers.

YourSuper comparison tool

The YourSuper comparison tool is a simple way to compare MySuper products and help you choose a super fund that meets your needs. It is hosted by the Australian Taxation Office (ATO).

Self-managed super funds (SMSFs)

If you set up a SMSF, you are responsible for running the fund according to its trust deed and the superannuation laws, even if you get help from a professional or another member of the SMSF.

SMSFs are regulated by the Australian Taxation Office. ASIC’s role is regulating the ‘gatekeepers’ for SMSFs, such as accountants and auditors.

An SMSF auditor must be registered with ASIC as an ‘approved SMSF auditor’ before they can sign off on SMSF audit reports. You can search the ASIC Professional Registers Search to check whether an SMSF auditor is registered.

All accountants who provide advice on SMSFs must hold an Australian Financial Services (AFS) licence.

You can check to see whether a person or business has an AFS licence or is an authorised representative by searching the ASIC Professional Registers Search.

Complaints

If you have a complaint about a super fund, complain directly to the fund first. This gives the fund an opportunity to resolve your complaint.

If you are unhappy with your fund’s response, you can complain to the Australian Financial Complaints Authority (AFCA).

For information see:

• How to complain on ASIC’s Moneysmart page
• Disputes with financial firms (INFO 174)
• Disputes about life insurance (INFO 218)

Concerns

Illegal offers to withdraw your super early

You cannot withdraw your super early unless you meet a condition of release.

If you have been offered to withdraw your super early or believe someone is promoting an illegal super scheme, contact the Australian Taxation Office (ATO).

The ATO can help you identify illegal schemes. See the ATO’s Illegal early release of super page for more information.

Financial soundness

If you have concerns about the financial soundness of a super fund, contact the Australian Prudential Regulation Authority (APRA).

Concerns about financial service providers and products

If you have concerns about a financial services provider or product, you can lodge a complaint with ASIC.

Reporting misconduct to ASIC

ASIC receives reports from the public who believe someone has not complied with laws ASIC oversees.

This includes the conduct and disclosure obligations of superannuation trustees (but not SMSF trustees).

For more information see reporting misconduct to ASIC.

Licensing

ASIC also licenses and monitors people to ensure they operate efficiently, honestly and fairly. Financial services providers, including superannuation trustees, must be licensed or authorised and meet conduct and disclosure obligations under the law.

From 1 July 2021, all superannuation trustees who are registrable superannuation entity (RSE) licensees regulated by APRA, will also be required to hold an Australian financial services licence to operate their fund(s).

You can check to see whether a person or business has an Australian financial services (AFS) licence or is an authorised representative by searching the ASIC Professional Registers Search.

You can also search the financial advisers register to find out where an adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.