Australia’s corporate watchdog has revealed plans to regulate a new change in super funds starting next month.\u00a0<\/p>\n
The Australian Securities and Investments Commission will enforce an advertising ban on superannuation funds, set to start on July 1.<\/p>\n
The ban will change how new employees are advertised different super funds during the onboarding process.<\/p>\n
It aims to help employees make more informed and well-balanced decisions when it comes to their funds.<\/p>\n
The ban will see advertising allowed for only the company\u2019s default fund, the employee’s pre-existing stapled fund and select MySuper products that meet a list of requirements.<\/p>\n
As it stands, onboarding platforms often advertise various competitive supers – with some platforms even striking up deals with the big players to be displayed in more desirable positions on the screen.<\/p>\n
Any MySuper products advertised now must have passed the Annual Superannuation Performance Test and must not be related to the person or company advertising the products.<\/p>\n
The advertiser must also request an employee\u2019s stapled fund and provide those details when able.<\/p>\n
In a statement on Tuesday, ASIC announced it would begin enforcing the new rules from July 1.<\/p>\n
“ASIC acknowledges it will take time for entities to build the capabilities needed to meet these new requirements,” the corporate watchdog said.<\/p>\n
“As such, for a period of 12 months from July 1, 2026, ASIC will take a balanced approach to the ban on advertising.”<\/p>\n
Advertising during the onboarding process has long been criticised for letting employees make uninformed financial decisions and causing duplicate supers to be opened.<\/p>\n
The ban will not apply to general advertising to the public in instances other than during the onboarding process.<\/p>\n
When the legislation was first introduced in parliament last year, Association of Superannuation Funds of Australia CEO Mary Delahunty welcomed the changes.<\/p>\n
“Starting a new job is one of the few times many people pause and think about their super,” she said.<\/p>\n
“We should use that moment to put clear, comparable information in front of them so they can see what\u2019s out there and ensure they are in the best option for their age, stage, and individual needs.<\/p>\n
“Overall, this is a measured package that supports choice, competition and performance, while reinforcing the system\u2019s shift towards better, more consistent outcomes for member.”<\/p>\n","protected":false},"excerpt":{"rendered":"Australia’s corporate watchdog has revealed plans to regulate a new change in super funds starting next month.\u00a0 The…\n","protected":false},"author":2,"featured_media":527873,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[3779,79,18,19,17,825,234,235,74931],"class_list":["post-527872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-asic","tag-business","tag-eire","tag-ie","tag-ireland","tag-money","tag-personal-finance","tag-personalfinance","tag-superfund"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116725308609560232","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/527872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=527872"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/527872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/527873"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=527872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=527872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=527872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}