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ASIC Cracks Down on Superannuation Advisers for Breach Reports

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Recruitment Super
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ASIC has been cracking down on financial advisers providing poor superannuation advice, leading to clients exceeding contribution caps and facing higher tax payments. The regulator’s Financial Services and Credit Panel (FSCP) has held panels from July to October 2024 to address breach reports submitted by Australian Financial Services licensees. ASIC expressed concerns that advisers were not fulfilling their duty to provide appropriate advice in the best interest of clients and had breached the Financial Planners and Advisers Code of Ethics.

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As a result of the panels, ASIC took various actions against financial advisers, including reprimands, written directions for audits, and requirements for additional professional education. The regulator emphasized the importance of complying with advice and conduct obligations to protect consumers and ensure that superannuation advice aligns with clients’ best interests.

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ASIC highlighted that unsuitable superannuation advice causing adverse outcomes remains a significant issue in 2025. It warned advisers to thoroughly assess clients’ personal circumstances related to superannuation caps to provide tailored advice. The regulator indicated its readiness to take regulatory action against advisers involved in thematic misconduct, including referring them to the FSCP for further investigation and enforcement.

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The affected AFSLs compensated clients for any losses incurred due to non-compliant advice. ASIC reiterated the importance of advisers understanding clients’ situations regarding superannuation caps and providing advice accordingly. It urged AFSLs to ensure their representatives are well-trained in superannuation advice and to maintain diligent processes that prioritize clients’ best interests.

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Furthermore, ASIC stressed the necessity for AFSLs to have robust monitoring and supervision mechanisms in place to identify and rectify instances of non-compliant superannuation advice promptly. By promoting diligence and compliance within the industry, ASIC aims to safeguard consumers and uphold the integrity of financial advice in the superannuation sector.

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