Super Alert – 28 November 2025: merger reforms, regulatory guidance re advertising, life insurance genetic testing ban, FY27 initial levy estimate
Welcome to the weekly KHQ Super Alert. This week Parliament introduced Bills to changes laws relating to superannuation and the onboarding of employees, and a Bill banning life insurers from using genetic testing information. The ACCC has confirmed its view that successor fund transfers are likely to be caught by the new merger notification laws. Meanwhile APRA published its quarterly statistics, a report on retirement outcomes and responses to a prudential framework consultation.
ACCC – New FAQs in relation to merger reforms including for superannuation
On 27 November 2025, the ACCC published responses to a handful of new frequently asked questions in relation to the upcoming merger reforms. While most of the questions relate to administrative issues, one question relates to superannuation successor fund transfers. The ACCC has advised as follows:
‘…in general terms, we envisage that there will be situations in which the new mandatory merger regime will apply to acquisitions by or involving superannuation funds, including successor fund transfers. Whether notification is required will depend on the nature of the transaction, the application of the notification thresholds and any applicable exemptions.
We also consider that where an acquisition involving the transfer of a fund’s assets (including shares) to a successor fund is required to be notified, it would be possible for the successor fund (which is acquiring these assets) to lodge a single notification in respect of the entirety of the assets being transferred in specie (i.e. all assets other than cash).
…We understand that there may [be] other potential practical and legal issues that could arise when notifying an SFTs [sic], for example where the assets being transferred to a successor fund change between notification and completion of the SFT. Treasury is aware of this issue’.
Click here for details.
Parliament – Bill in relation to various financial services matters passed
On 27 November 2025, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 (Cth) was passed by both Houses of Parliament. Several last-minute amendments were considered by the Senate but ultimately not agreed to. As referred to in our Super Alert of 5 September 2025, the Bill makes administrative changes to the Corporations Act 2001 (Cth) and reduces the frequency of reviews of ASIC and APRA.
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ASIC – Proposed amendments to regulatory guidance about advertising
On 27 November 2025, ASIC announced that it is proposing to update Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance and to withdraw Regulatory Guide 53 The use of past performance in promotional material.
A consultation paper has been released which sets out ASIC’s proposed changes. The summary provided by ASIC is that the updated draft RG 234:
- ‘provides guidance and examples reflecting ASIC enforcement and regulatory action relevant to advertising conduct undertaken since RG 234’s publication
- incorporates guidance from Regulatory Guide 53 The use of past performance in promotional material (RG 53), so that ASIC’s general advertising guidance is in one place, and
- simplifies and streamlines the existing guidance where possible’.
The consultation period closes on 22 January 2026.
Click here for details.
Parliament – Bill providing flexibility to request information and restricting onboarding advertising introduced
On 26 November 2025, the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025 (Cth) was introduced to the House of Representatives.
According to the Explanatory Memorandum, if passed, the Bill will make the following superannuation-related changes:
- ‘provide greater flexibility for when an employer, or their agent, may request details of an employee’s stapled superannuation fund from the [ATO], so the employer, or their agent, can provide those details to the employee during onboarding to inform the employee’s choice of fund’; and
- bans ‘advertising of certain superannuation products to new employees as part of the onboarding process. The ban will reduce the risk that employees are induced or influenced to choose a superannuation product that is not appropriate to their needs or results in opening of unnecessary multiple superannuation accounts during the onboarding process.’
If passed, the superannuation-related changes will commence on 1 July 2026.
Click here for details.
Parliament – Life insurance genetic testing ban introduced
On 26 November 2025, the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 (Cth) was introduced to the House of Representatives.
According to the Explanatory Memorandum, if passed, the Bill will make the following changes which will impact the superannuation industry:
- ‘establish a ban which prohibits insurers from using certain information about an individual’s genetic testing to inform the offer of life insurance cover, or the terms and conditions of the cover that is offered’; and
- implement the Government’s decision not to proceed with Stage 2 of the financial adviser registration process established by the Better Advice Act, which would have required individual financial advisers to register themselves with ASIC annually from 1 July 2026.
Treasury’s consultation in relation to the ban on genetic testing in underwriting life insurance determinations was previously referred to in our Super Alert of 3 October 2025.
Click here for details.
APRA – Quarterly superannuation statistics released
On 26 November 2025, APRA released the latest quarterly superannuation statistics with data up to 30 September 2025. According to APRA, superannuation assets have grown to $4.5 trillion, a 3 percent increase over the quarter and a 9.4 percent increase from the same time last year.
Click here for details.
APRA – Super trustees encouraged to better support retired and retiring members
On 26 November 2025, APRA and ASIC jointly released the Retirement Income Covenant Pulse Check Report 2025. The report assessed the progress of trustees in developing retirement income strategies for those Australians who are approaching or who are already in retirement.
The report showed a widening gap ‘between trustees actively promoting better retirement outcomes for their members and those that are not’. APRA and ASIC observed some trustees investing significant effort to meet the needs of their transitioning and retired members, while others have made only incremental changes.
APRA and ASIC will separately provide individual feedback to trustees.
Click here for details.
ATO – Further SuperStream support documents to be released
On 26 November 2025, the ATO published a news item in relation to the use of SuperStream by funds. The ATO has reminded funds that ‘[f]inal changes to the SuperStream contributions standard and the new Fund Validation Services (FVS) start on 1 July 2026’. Accordingly, ‘final technical and support documents’ will be released by the ATO in December ‘to support the build and deployment of these changes’.
Click here for details.
ATO – Withdrawal of SG determination
On 26 November 2025, the ATO issued a notice that it has withdrawn Superannuation Guarantee Determination 94/6 titled ‘What is the effect on the Superannuation Guarantee (Administration) Act 1992 (SGAA) of the High Court decision in Re Finance Sector Union of Australia; ex parte Financial Clinic (Vic.) Pty. Ltd. (1993) 67 ALJR 687?’. The ATO has advised that the ‘provisions considered by the High Court in this case and addressed by SGD 94/6 were repealed with effect from 1 July 2008. The issue addressed by the Determination has no relevance to the current operation of the SGAA’.
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APRA – Response to framework updates for regulated entities released
On 21 November 2025, APRA released a response to its August 2025 consultation on proposed minor amendments to the prudential and reporting framework for ADIs, insurers and RSE licensees. As outlined in our Super Alert of 29 August 2025, the only superannuation-related amendments proposed was the retirement of CPG 233 Pandemic Planning.
In response to its consultation, APRA has retired the practical guidance, effective immediately.
Click here for details.
CSLR – FY2027 initial levy estimate released
On 17 November 2025, the Compensation Scheme of Last Resort (CSLR) published its Initial Levy Estimate for FY2027, calculated at A$137.5 million. The initial levy estimate reflects CSLR’s assessment of the payments it expects to make from 1 July 2026 to 30 June 2027.
Despite the estimate, the CSLR, together with its independent actuary, indicated that they anticipate the revised levy estimate for FY 2027 may exceed the initial levy estimate published today. The revised estimate can be expected toward the end of FY 2026.
Click here for details.
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