ASIC

News and articles relating to the Australian Securities and Investments Commission (ASIC).

ASIC finds “common problems” with PYSP super fund communications

An ASIC review of communication sent by super funds to members about the Protecting Your Super reforms has found some “common problems”. The ‘Protecting Your Super Package’ (PYSP) reforms were aimed at protecting small superannuation accounts from erosion due to fees and insurance, and reducing the number of unintended small… Read More »ASIC finds “common problems” with PYSP super fund communications

Regulators welcome larger role for ASIC in super sector

ASIC and APRA have both welcomed proposed changes which would increase ASIC’s role in regulating the superannuation sector. One of the recommendation of the Financial Services (Banking) Royal Commission was for ASIC and APRA to be co-regulators of superannuation. This would involve ASIC becoming the ‘conduct regulator’, while APRA remains… Read More »Regulators welcome larger role for ASIC in super sector

“Junk” TPD insurance an industry-wide problem: ASIC

Some TPD insurance held though superannuation is “junk insurance”, says ASIC, with consumers paying full premiums but with pay outs tied to “very restrictive” definitions. A review by ASIC has found “significant industry-wide problems” with Total and Permanent Disability (TPD) insurance, including policies offered through super funds. ASIC says these… Read More »“Junk” TPD insurance an industry-wide problem: ASIC