obÌåÓý

Consistency of disclosures: s29QC of the SIS Act

Disclosure and reporting consistency obligationsÌýfor superannuation trustees: s29QCÌý

The start date for the consistency requirement has been extended until 1 January 2026. obÌåÓý made to continue relief previously provided under â€�RSE licensee s29QC SIS Act disclosure exemption due to it expiring on 1 January 2024.ÌýobÌåÓý granted the exemption because of uncertainty about how to achieve the disclosure requirements in subsection 29QC(1).

Read more about the deferral.

Cross-agency process for innovative retirement income stream products

In 2017, the government extended the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. These are new types of products that aim to provide consumers with greater choice and flexibility when considering their retirement product options, help them manage the risk of outliving their retirement savings and enhance their standard of living in retirement.

To support industry in developing new innovative retirement income stream products, the government also provided a streamlined pathway for product providers to engage with five key agencies about a proposed product â€� ATO, DSS, Services Australia, APRA and obÌåÓý â€� in a single process. The cross-agency process is voluntary and can be used at any time during the development of an innovative retirement income stream product. It allows a product provider to test concepts and seek information and guidance on how these products meet the requirements of the relevant legislation.

Find out more about the cross-agency process for innovative retirement income stream products.

Design and distribution obligations

Letters to trustees

obÌåÓý and APRA letter to superannuation trustees on Member Outcomes obligations and Product design and distribution obligationsÌý(15 December 2020)

Design and distribution obligations

The design and distribution obligations require firms to design financial products to meet the needs of consumers, and to distribute their products in a more targeted manner.

For more information about design and distribution obligations see:

• Regulatory Guide 274ÌýProduct design and distribution obligationsÌý(RG 274)
• Media Release (20-320MR)ÌýobÌåÓý releases regulatory guide on product design and distribution obligationsÌý(11 December 2020)
• Report 674ÌýResponse to submissions on CP 325 on product design and distribution obligationsÌý(REP 674)

Disclosure

For useful information about websites and short-form product disclosure statements, see:

• Regulatory Guide 168ÌýProduct Disclosure Statements (and other disclosure obligations)Ìý(RG 168)
• Information Sheet 155ÌýShorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes (INFO 155)
• Information Sheet 278 Inventory of superannuation trustee transparency and disclosure obligations (INFO 278)

Regulatory index

For further information, browse and download obÌåÓý’sÌýregulatory documents, including regulatory guides, information sheets and legislative instruments (formerly class orders).Ìý

Dispute resolution

Dispute resolution â€� Superannuation fundsÌý

Superannuation trustees must have a dispute resolution system that consists of:Ìý

• internal dispute resolution (IDR) procedures that meet the current regulatory guide, expectations and requirements made or approved by obÌåÓý; andÌý

• membership of the Australian Financial Complaints Authority ().Ìý

obÌåÓý review of complaints handling by superannuation trusteesÌý

On 9 December 2022, obÌåÓý released its findings from a review of complaints handling by superannuation trustees. All trustees are advised to assess their own complaints handling arrangements in light of obÌåÓý’s findings, which can be viewed here.

For more information see:

• Regulatory Guide 271ÌýInternal dispute resolutionÌý(RG 271)
• Report 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees (REP 751)ÌýÌý
• Report 752 Review of written responses to superannuation complaints (REP 752)Ìý
• Regulatory Guide 267ÌýOversight of the Australian Financial Complaints AuthorityÌý(RG 267)
• Dispute resolution

Fees and costs disclosure

Regulatory Guide 97ÌýDisclosing fees and costs in PDSs and periodic statementsÌý(RG 97) provides guidance on how fees and costs should be disclosed in Product Disclosure Statements (PDSs) and periodic statements.

RG 97 was updated following public consultation and an external expert review of the regulatory guide, as well as consumer testing of proposed changes to the presentation of fees and costs.

TheÌýtransitional version of RG 97Ìý(released March 2017) will continue to be relevant during the transition period. However, theÌýversion of RG 97Ìý(released November 2019, updated July 2020) provides industry with clearer guidance about existing fees and costs disclosure requirements that have not changed from March 2017.

For more information see:

• RG 97Ìý(updated July 2020)
• Ìýwhich amended obÌåÓý Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.

For the requirements before the commencement of obÌåÓý Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 see:

• Transitional version of RG 97Ìýreleased March 2017
• Transitional Q&As
• ÌýTechnical modifications to Schedule 10 of the Corporations Regulations
• Ìýwhich amended [CO 14/1252].

Update (11 November 2021)

RG 97: Platform fees and costs disclosure

obÌåÓý has decided to discontinue work on the RG 97 Platforms project, which focused on platform fees and costs disclosure. This decision takes into account three factors:

• First, obÌåÓý has provided guidance about the disclosure of fees and costs for platforms in the updated and current RG 97
• Further updating the platform fees and costs disclosure guidance will likely raise policy issues that are a matter for Government, and
• Finally, APRA is collecting additional fees and cost data on superannuation products that will feed into publications and become relevant as part of the superannuation annual performance assessment. The new collections include fees and cost data on accessible financial products available on platforms.

In-use notices

Ìýprovides an alternative to lodging multiple in-use notices under subsection 1015D(2) of theÌýCorporations Act 2001Ìý(the Act) for certain standard‑employer sponsored superannuation funds.

Instead of lodging a notice (Form FS88ÌýPDS In-use Notice) with obÌåÓý in relation to every Product Disclosure Statement (PDS) or Supplementary PDS that is in use,ÌýÌýallows the lodgement of oneÌýprimary noticeÌýin circumstances where a number of PDSs share the sameÌýcommon part together with a later secondary notice.

Where this alternative is utilised, the notices must be lodged by the person who is required to prepare the PDS or Supplementary PDS, or on whose behalf it is required to be prepared (see subsection 1013A(3)).

Ìýmodifies the Act by inserting a new section 1015DA. Trustees wishing to utilise the alternative in-use notice procedure must comply with the terms of the law as modified by the instrument.

More information on the content required for primary and secondary notices, and lodgement details.

Product dashboard

MySuper product dashboard

Information Sheet 170ÌýMySuper Product dashboard requirements for superannuation trusteesÌý(INFO 170) provides guidance to superannuation trustees and other persons in relation to the product dashboard requirements in s1017BA of theÌýCorporations Act 2001Ìýfor MySuper products.

You can alsoÌý.

Choice product dashboard

The start date for choice product dashboard requirements has been deferred until 1 October 2027 as regulations have not been made. If choice product dashboard regulations are made by the Government, obÌåÓý will withdraw its relief.

Read more about the deferral.

More information on product dashboards.

Prohibition of employer inducements

obÌåÓý has issued guidance to trustees that using improper inducements to influence employers in their choice of default fund is illegal. For more information see:

• Information Sheet 241ÌýProhibition on influencing employersâ€� superannuation fund choice: section 68A of the SIS ActÌý(INFO 241).
• Media Release (19-198MR) Trustees warned about influencing employers through improper inducementsÌý(31 July 2019).

Retirement income covenant

Following amendments to the Superannuation Industry (Supervision) Act 1993, all registrable superannuation entity (RSE) licensees are required to have formulated a retirement income strategy from 1 July 2022. This strategy is to be implemented through a continuous improvement process over time.

On 7 March 2022, obÌåÓý and APRA issued aÌýjoint letterÌýto assist RSE licensees with implementation of a new retirement income covenant.

Joint thematic review

obÌåÓý and APRA conducted a joint thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant.

Following the thematic review, obÌåÓý and APRA released Report 766 Implementation of the retirement income covenant: Findings from the APRA and obÌåÓý thematic review (REP 766) and published Media Release (23-191MR) Review finds super trustees need to improve retirement outcomes planning (18 July 2023).

APRA has also publishedÌýÌýto assist RSE licensees in developing their retirement income strategies.

For further information see Retirement income covenant.

Shorter product disclosure regime

The shorter Product Disclosure Statement (PDS) disclosure regime commenced on 22 June 2012.

Ìýprovides relief from the shorter PDS regime until 1 October 2027. The relief extends to superannuation platforms, hedge funds and multifunds.

Information Sheet 155ÌýShorter PDSs â€� Complying with requirements for superannuation products and simple managed investment schemesÌý(INFO 155) provides guidance for industry on technical issues related to implementation of the shorter PDS requirement.

Superannuation advice

Letters to trustees

• Ìý(30 June 2021) (PDF 138 KB)
• obÌåÓý and APRA letter to trustees on oversight of advice fee deductions from member accountsÌý(10 April 2019)

Fees

Schedule 1 of the (DBFO Act) commenced on 10 July 2024. The DBFO Act implements, among other things, the Australian Government’s response to recommendations 7 and 8 of the . These reforms deal with the deduction of adviser fees from superannuation and advice fee consents, respectively.

Transitional arrangements apply to the DBFO Act. Information Sheet 256ÌýFAQs: Ongoing fee arrangementsÌý(INFO 256) generally continues to be relevant for ongoing fee arrangements:

• entered into or last renewed before 10 January 2025 (start day), and
• for ongoing fee arrangements in force on the start day, until the first anniversary of the arrangement that occurs on or after the start day.

Information Sheet 280 FAQs: Non-ongoing fee consents (INFO 280) continues to be relevant for written consents to deduct fees or costs under non-ongoing fee arrangements:

• entered into before the start day (10 January 2025), and
• for non-ongoing fee arrangements in force on the start day, until the arrangement is terminated, renewed or varied, or 12 months from the start day (whichever is earlier).

From 10 January 2025, the amended ongoing and non-ongoing fee arrangement obligations under the DBFO Act will apply to any fee arrangements that do not fall within the transitional period. We have issued the following guidance for those obligations:

• Information Sheet 286 FAQs: Ongoing fee arrangements and consents (INFO 286)
• Information Sheet 287 FAQs: Non-ongoing fee requests or consents (INFO 287)

For more information about advice fee arrangement written consent requirements see:

• obÌåÓý’s regulatory guidance on advice fees
• Report 781 Review of superannuation trustee practices: Protecting members from harmful advice charges (REP 781)
• Media Release (24-092MR) obÌåÓý issues warning over dodgy cold calling operators and online baiting tactics (7 May 2024)
• Media Release (21-134MR)ÌýobÌåÓý releases guidance on ongoing fee arrangementsÌý(15 June 2021)
• Media Release (21-058MR)ÌýobÌåÓý releases advice fee consent and lack of independence disclosure legislative instrumentsÌý(25 March 2021)

Intra-fund advice

Information Sheet 168ÌýGiving and collectively charging for intra-fund adviceÌý(INFO 168) provides guidance about giving and collectively charging for intra-fund advice.

Communicating with employees about choice of superannuation fund: What you can and cannot do

Information Sheet 89ÌýCommunicating with employees about choice of superannuation fund: What you can and cannot doÌý(INFO 89) provides general guidance on how employers can communicate with employees about super choices without breaking the law, and what employers should avoid saying or doing.

Super switching advice - complying with your obligations

Information Sheet 182ÌýSuper switching advice â€� complying with your obligationsÌý(INFO 182) provides general information and compliance tips for financial advisers who provide super switching advice.

Self-managed superannuation funds (SMSFs)

Information Sheet 274 Tips for giving self-managed superannuation fund advice (INFO 274) provides tips to help advice providers comply with their legal obligations when giving advice about self-managed superannuation funds (SMSFs).

Digital financial product advice

Regulatory Guide 255ÌýProviding digital financial advice product advice to retail clientsÌý(RG 255) provides information about digital advice (also known as robo-advice or automated advice).

General advice obligations

Regulatory Guide 36ÌýLicensing: Financial product advice and dealingÌý(RG 36) provides guidance on the meaning of ‘provide financial product adviceâ€� and the meaning of ‘deal in a financial productâ€�. It also provides guidance on the obligations that apply to providers of financial services

Regulatory Guide 175ÌýLicensing: Financial product advisers—Conduct and disclosureÌý(RG 175) provides guidance on conduct and disclosure obligations in Pt 7.7 and Div 2 of Pt 7.7A of theÌýCorporations Act 2001,Ìýin particular theirÌýapplication to the provision of financial product advice.

Regulatory Guide 244ÌýGiving information, general advice and scaled adviceÌý(RG 244) provides guidance for AFS licensees as to the differences between giving factual information, general advice and personal advice. It also covers advice obligations, including the best interests duty and related obligations, when giving ‘scaledâ€� advice (i.e. personal advice that is limited in scope).

More information on financial services, including advice.

Superannuation transfers

Notifying members of material changes and significant events

Information Sheet 90ÌýNotifying members about superannuation transfers without consentÌý(INFO 90) provides information about notifying members of superannuation transfers without consent.

Additional information resources

Financial services resources

Helpful links relating toÌýobÌåÓý’s regulatory guidance on compliance with the financial services regime.

Regulatory index

Browse and download obÌåÓý’sÌýregulatory documents, including regulatory guides, information sheets and legislative instruments (formerly class orders).

Older information

For access to older content seeÌýobÌåÓý Digest.