'No action' position on super trustee advice during COVID-19
- ASIC has taken a temporary 'no-action' position on the expansion of the scope of personal advice by superannuation trustees.
- The temporary 'no action' provision applies to personal advice about the COVID-19 early-release scheme.
- The temporary expansion of intra-fund advice has been allowed in the context of exceptional circumstances.
To facilitate the provision of timely advice to consumers on the COVID-19 early release scheme, ASIC has issued a temporary ‘no-action’ position to superannuation trustees.
The purpose of this no-action position is to confirm that, in the current circumstances and subject to conditions, ASIC will not take action in relation to personal advice about the COVID-19 early-release scheme provided as intra-fund advice on the basis that it breaches s99F of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
The temporary expansion of intra-fund advice has been allowed in the context of exceptional circumstances. It forms part of a broader package of ASIC measures to increase access to financial advice during the COVID-19 pandemic.
ASIC also notes that trustees can provide considerable assistance to their members without needing to rely on this no-action position. For more information please read:
ASIC is Australia’s corporate, markets and financial services regulator.