Welcome to the weekly KHQ Super Alert. This week ASIC announced that it is proposing to update Regulatory Guide 181 Licensing: Managing conflicts of interest. A speech in relation to misconduct in financial services from the ASIC Chair was also published. And the ATO issued a reminder to trustees about responding to notices of intent to claim or vary tax deductions for personal contributions.

ASIC – Revisions proposed to RG 181

On 30 July 2025, ASIC announced that it is proposing to update Regulatory Guide 181 Licensing: Managing conflicts of interest. RG 181 sets out ASIC guidelines for complying with the obligation in section 912A(1)(aa) of the Corporations Act 2001 (Cth) to have adequate arrangements in place for the management of conflicts of interest. It was made in 2004 and ASIC considers that it should be updated to reflect the current financial services landscape and reference the latest case law.

The consultation period closes on 5 September 2025.

Click here for details.

ASIC – Speech in relation to misconduct in financial services

On 30 July 2025, ASIC published a speech delivered by its Chair, Joe Longo, relating to misconduct in financial services. The key statements made include the following:

• ‘More and more people are risking their retirement savings because they’ve been led to believe their current fund is underperforming and persuaded to seek higher returns elsewhere’.
• ‘While bad financial advice is obviously a key part of this problem, there are a whole range of other entities that are involved in this process that we are looking at.’
• ‘ASIC is working to make the system safer for consumers, but we can’t address these issues alone. Similar to the fight against scams, this issue requires a collective response.’

Click here for details.

ATO – Updates to superannuation-related webpages

On 28 July 2025, the ATO updated the following information pages relevant to superannuation:

• Additional unclaimed super requirements (for APRA-regulated funds); and
• How to apply for release of super on compassionate grounds (for individuals).

The ATO has not made clear specifically which parts of the webpages have been updated.

Click here and here for details.

ATO – Reminder in relation to notices of intent to claim deductions

On 25 July 2025, the ATO published a notice for APRA-regulated funds relating to responding to notices of intent to claim or vary tax deductions for personal contributions. It has reminded trustees that they must provide members with an acknowledgement of the notice, and report the notice to the ATO in line with the MATS guide.

Click here for details.

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