Super news and reports
Letters to trustees
ob体育 issues letters to trustees to guide and assist the industry to meet the regulatory requirements relevant to the superannuation industry.
Roundtables
Roundtables are a joint initiative of ob体育 and APRA to engage with top executives of a cross-section of superannuation funds.聽
Media releases
18 March 2025听鈥撀�Active Super ordered to pay $10.5 million penalty in ob体育鈥檚 third greenwashing court action
The Federal Court today imposed a penalty of $10.5 million against Active Super for greenwashing misconduct.
12 March 2025 鈥� ob体育 sues AustralianSuper alleging significant death benefit claims failures
ob体育 is suing AustralianSuper Pty Ltd, the trustee of Australia鈥檚 largest superannuation fund, over delayed processing of nearly 7,000 death benefit claims, according to proceedings filed in the Federal Court.
26 February 2025 鈥� Advancing Australia鈥檚 regulatory roadmap for public and private capital markets
ob体育 has announced its preliminary views on the opportunities and risks emerging from shifts in public and private capital markets and called for feedback and debate on key questions as part of a discussion paper launched today.
21 February 2025听鈥� AustralianSuper fined $27 million after ob体育 investigation into failing to merge multiple superannuation accounts
AustralianSuper, the trustee of Australia鈥檚 largest superannuation fund, will pay a $27 million penalty after the Federal Court today found that it failed to merge multiple member accounts.
12 November 2024 鈥� ob体育 sues Cbus alleging systemic claims handling failures
More than 10,000 members and claimants of the Construction and Building Unions Superannuation Fund (Cbus) were impacted by death benefits and total and permanent disability (TPD) insurance claims taking more than 90 days to be processed, according to allegations contained in documents lodged by ob体育 in the Federal Court.
18 September 2024听鈥撀�ob体育鈥檚 urges businesses to prepare for mandatory climate reporting
From 1 January 2025, many large Australian businesses will need to prepare annual sustainability reports containing mandatory climate-related financial disclosures, following passage of a major Bill through Parliament.
18 September 2024听鈥撀�ob体育鈥檚 proceedings against Rest alleging misleading member representations are dismissed
The Federal Court has dismissed ob体育鈥檚 case against superannuation trustee, Rest, for allegedly making misleading representations about limitations on members鈥� rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018.
2 August 2024 鈥� ob体育鈥檚 first greenwashing case results in landmark $11.3 million penalty for Mercer
The Federal Court has ordered Mercer Superannuation (Australia) Limited to pay a $11.3 million penalty after it admitted it made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.
11 July 2024 鈥� ob体育 and APRA issue final rules and information for the Financial Accountability Regime
ob体育 and APRA have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry, and takes effect for the insurance and superannuation industries from 15 March 2025.
2 July 2024听鈥撀�Super trustees urged to strengthen oversight of retirement strategy implementation
ob体育 and APRA are calling on superannuation trustees to boost efforts to track and measure the impact of their strategies to improve retirement outcomes for members.
5 June 2024听鈥撀�Court finds Active Super made misleading ESG claims in a greenwashing action brought by ob体育
The Federal Court has found LGSS Pty Limited, as trustee of the superannuation fund Active Super, contravened the law in connection with various misleading representations concerning its environmental, social and governance (ESG) credentials.
Reports
REP 784 Industry update: Pulse check on retirement income covenant implementation
Released 2 July 2024. This update summarises the responses to a voluntary survey issued by ob体育 and APRA in November 2023. The survey gathered information on the self-assessments undertaken by RSE licensees on their progress and planned improvements since Report 766 Implementation of the retirement income covenant: Findings from the APRA and ob体育 thematic review (REP 766).
REP 781 Review of superannuation trustee practices: Protecting members from harmful advice charges
Released 9 May 2024. This report provides insights into the extent to which superannuation trustees are acting to protect members鈥� superannuation balances from erosion by inappropriate advice charges. It summarises the findings of ob体育鈥檚 review of trustee progress in this area following earlier guidance from ob体育 and APRA.
REP 779 Superannuation and choice products: What focus is there on performance?
Released 21 February 2024. This report examines the role of trustees, financial advisers and AFS licensees in influencing the investment options that make up member super portfolios as part of a choice super product.
Released 18 July 2023. This information report sets out the findings of a recent thematic review of the implementation of the Retirement Income Covenant by a sample of RSE licensees. The review was undertaken jointly by ob体育 and APRA.
REP 760 Insurance in superannuation: Industry progress on delivering better outcomes for members
Released 22 March 2023. This report examines progress by trustees to improve their arrangements for life insurance in superannuation. These improvements respond to issues identified in ob体育鈥檚 public communications on life insurance in superannuation since 2019 and recent regulatory reforms.
REP 752 Review of written responses to superannuation complaints
Released 9 December 2022. This report summarises the findings from an evaluation conducted for ob体育 by Susan Bell Research of 274 responses to general superannuation complaints issued by 10 trustees. It highlights the elements identified in the research as undermining the effectiveness of written responses to complaints and includes seven recommendations for how these responses can be improved.
Articles
September 2024 鈥�
ob体育 has released its Corporate Plan, which details strategic priorities for superannuation. ob体育 Commissioner Simone Constant writes that now is the time for trustees to redouble their efforts to strengthen their member proposition and deliver on their commitments to help Australians prosper in retirement.鈥��
May 2024 鈥� Improving superannuation member services 鈥� Dealing with death benefit claims
ob体育 is calling on superannuation trustees to consider whether their arrangements for dealing with death benefit claims are fit for purpose, after an initial review identified areas for improvement in their public communications.鈥��
October 2023 鈥�
ob体育 recently released its Corporate Plan for 2023鈥�27, with a focus on FY 2023鈥�24. Jane Eccleston - Senior Executive Leader, Superannuation and Life Insurance, details the regulator鈥檚 priorities in superannuation for the year ahead.
June 2023 鈥�
Ahead of the Indigenous Superannuation Summit in June, ob体育鈥檚 Superannuation Senior Executive Leader, Jane Eccleston reflects on ob体育鈥檚 Indigenous Financial Services Framework and the steps trustees should take to better meet their First Nations members鈥� needs.
May 2023 鈥�
Following a recent review of how trustees are engaging with employers as a channel for distributing super products, Superannuation Senior Executive Leader, Jane Eccleston reflects on whether trustees are meeting new requirements.
April 2023 鈥�
With the right focus, trustees can leverage member complaints to make positive changes to their products and services and improve members' trust and confidence in their fund. ob体育鈥檚 Superannuation Senior Executive Leader, Jane Eccleston, reflects on areas trustees can work on to enhance their focus on members, following a recent review by ob体育.