Super Alert – 19 September 2025: superannuation roundtable, ASIC auditing of sustainability reports, ASIC remake of disclosure instruments

Welcome to the weekly KHQ Super Alert. This week some legislative instruments providing various types of disclosure relief were remade, and ASIC provided further information in relation to the auditing of sustainability reports. Meanwhile APRA released notes from an industry roundtable it hosted with ASIC, which focused on the uptake of superannuation platform products.
APRA – Notes from CEO roundtable in relation to uptake of platform products
On 18 September 2025, APRA published the notes from the superannuation CEO roundtable it hosted jointly with ASIC in August. According to APRA, the CEOs from funds ‘that manage the majority of superannuation platform products’ attended to discuss adviser referrals to platform products and how trustees can monitor whether the products are appropriate for members. APRA reminded trustees ‘of their gatekeeping responsibilities in determining the suitability of products made available to members’.
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ASIC – Remake of disclosure instruments
On 18 September 2025, the following legislative instruments were registered on the Federal Register of Legislation:
- ASIC Corporations (Electronic Disclosure) Instrument 2025/447; and
- ASIC Corporations (Amendment and Repeal) Instrument 2025/448.
The instruments known as the ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649 have been repealed. These instruments set out ASIC’s rules in relation to the disclosure approach commonly known in the industry as the ‘publish-and-notify’ method, and made some modifications in relation to the shorter PDS regime.
These 2015 rules will be continued in the first-named instrument in the above list. Minor clarifying changes have been made by ASIC. As referred to in our Super Alert of 11 July 2025, ASIC consulted with industry earlier this year in relation to remaking these instruments.
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ASIC – Opening speech to Parliamentary Committee
On 18 September 2025, ASIC published a speech delivered by its Chair, Joe Longo, to the Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the Oversight of ASIC, the Takeovers Panel and the Corporations Legislation. Mr Longo provided background information to the Committee in relation to ASIC’s recent ‘enforcement action relating to high risk super switching’ and that it is ‘focused heavily on protective measures, including consumer education and warning campaigns, calling on Australians to be on red alert for high-pressure sales tactics, clickbait advertising and promises of unrealistic returns’.
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ATO – Reminder in relation to member account reporting
On 17 September 2025, the ATO issued a reminder to superannuation trustees that they ‘must report the 30 June account balances and other annual amounts for…members by 31 October using the Member account transaction service’ (especially accumulation account balances, notional taxed contributions, and defined benefit contributions). The ATO has advised that trustees ‘must correct a 30 June account balance within 30 days of becoming aware of an error or omission’ by either cancelling the original transaction and submitting a new form, or overwriting the amounts reported and lodging a form with the corrected figure.
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ASIC – FAQs published in relation to auditing of sustainability reports
On 16 September 2025, ASIC announced that it has published new frequently asked questions in relation to ‘the review and auditing requirements for sustainability reports under the Corporations Act 2001’. ASIC has advised that its responses ‘may be helpful for… preparers of sustainability reports in understanding their obligations in relation to obtaining a review or audit of the sustainability report, the appointment, removal or resignation of auditors, and who can conduct a review or audit of the sustainability report’.
Click here for details.
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