03
July
2020
|
09:00
Australia/Sydney

Superannuation trustees: Protecting members during COVID-19

Summary
  • ASIC is providing superannuation trustees with clarity on regulatory issues arising from the COVID-19 pandemic.
  • Superannuation trustees must continue to comply with the law and act in the best interests of their members.
  • ASIC's temporary relief measures allow more people to get free or affordable advice, including about superannuation.

To help superannuation trustees focus their resources and attention on responding to COVID-19, ASIC has postponed a range of regulatory activities. While some of our work has been delayed, trustees’ current legal obligations and duties to their members remain unchanged.

Many Australians are dealing with financial uncertainty or hardship as a result of COVID-19 and may be vulnerable to misinformation and confusion. Trustees have an important role to play in supporting their members by providing balanced, factual and timely information about superannuation issues.

ASIC is working with APRA to identify risks, share information and adjust regulatory priorities during COVID-19, while taking emerging issues into account.

We have provided trustees with important information about what they need to communicate to members, including how accessing superannuation early may impact their retirement balances and insurance arrangements. ASIC's temporary relief measures also allow more people to get free or affordable advice, including about superannuation.

For more information, please read:

Trustees have an important role to play in supporting their members by providing balanced, factual and timely information about superannuation issues.
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ASIC is Australia’s corporate, markets and financial services regulator.