The processes and behaviours of superannuation fund trustees and responsible entities must be improved, ASIC has said following a round of surveillance.
ASIC Commissioner Peter Kell said that processes and behaviours can be improved and that concerns identified by ASIC include issues relating to promotional material.
"ASIC reminds superannuation trustees that when developing and implementing strategies designed to gain and retain fund members, they should be mindful of the financial services laws and ensure that any communications to new or existing members are not misleading or deceptive," Mr Kell said.
"Some licensees who are trustees also need to ensure they keep up to date with recent legislative changes under the 'Stronger Super' reforms.
"This includes the new requirements to disclose executive officer remuneration and systemic transparency, but also the new arrangements for complaints handling," he said.
Following the surveillance, ASIC now requires both responsible entities and trustees to amend and update compliance measures, withdraw disclosure documents and marketing materials and issue revised or supplementary disclosure.
Other requirements include the development of procedures such as those related to due diligence and authorisation of disclosure documents and promotional material, an ASIC-issued statement said.
"ASIC will continue to conduct reviews of licensees in the superannuation and managed investments sector to assess compliance with their AFS licence obligations, rectify any deficiencies and to improve overall industry standards," said Mr Kell.
The government has flagged it may look at extending regulatory provisions for sc...
New data from Roy Morgan has shown despite overall superannuation fund satisfact...
S&P has lowered its ratings across two AMP group entities after the sale of ...