Super Alert – 5 December 2025: ASIC whistleblower report, updates to RG 168, fee disclosure changes proposed

Welcome to the weekly KHQ Super Alert. In a very busy week, ASIC published a series of reports, updated regulatory guides and consultation papers, predominantly focused on product disclosure matters. A private member’s Bill proposing changes to downsizer contributions was introduced to Parliament. Meanwhile, AFCA responded to submissions received in relation to its consultation to amend its Rules.

ASIC – Report calling for companies to better protect whistleblowers

On 4 December 2025, ASIC released Report 827 Insights from the ASIC Whistleblower Questionnaire: July 2024 to June 2025. The report follows an ASIC questionnaire designed to identify the ‘differences in whistleblower policies and practices adopted across corporate Australia’. The ‘questionnaire found significant variation in the maturity for whistleblower practices’.

According to the report:

• ‘over one third of participating entities did not provide a dedicated whistleblower web page for raising concerns
• a quarter failed to provide regular staff training on their whistleblower program, and
• more than half had not sought employee feedback on their whistleblower program in the past year.’

ASIC has advised that it ‘will continue to monitor whistleblower practices across corporate Australia and engage with companies identified as having non-compliant or significantly less mature practices’.

Click here for details.

ASIC – Regulatory guide setting out PDS disclosure obligations updated

On 3 December 2025, ASIC released an updated version of Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168). The update to the regulatory guide is intended to provide clarity and improve the industry’s ability to prepare PDSs.

The updates include:

• incorporating ‘further guidance from regulatory guides, which are to be withdrawn, and [making] references to ASIC relief instruments that stakeholders indicated were useful’;
• updating ‘guidance on compliance risks and considerations for PDSs in Section D to clarify what happens if the PDS requirements are not met’; and
• updating ‘Appendix 1 with ASIC’s guidelines…where a PDS claims that labour standards or environmental, social or ethical considerations are considered in investment decisions’.

As a result of the update, a number of other instruments have been withdrawn and incorporated into RG 168. These include:

• Information Sheet 94 Notification requirements for Product Disclosure Statements;
• Information Sheet 155 Shorter PDSs—Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products;
• Regulatory Guide 65 Section 1013DA disclosure guidelines;
• Regulatory Guide 66 Transaction-specific disclosure for PDSs;
• Regulatory Guide 197 Warrants: Out-of-use notices; and
• Regulatory Guide 219 Non-standard margin lending facilities: Disclosure to investors.

See our Super Alert of 11 July 2025 for further information about the industry consultation process undertaken by ASIC before making these changes.

Click here for details.

ASIC – Regulatory guide for digital financial disclosures updated

On 3 December 2025, ASIC released an updated version of Regulatory Guide 221 Facilitating digital financial services disclosures. According to ASIC, the update to the regulatory guide amends ‘outdated references and clearly sets out ASIC’s expectations in relation to digital disclosures’.

See our Super Alert of 11 July 2025 for further information about the industry consultation process undertaken by ASIC before making these changes.

Click here for details.

ASIC – Speech relating to minimising risk of investor harm published

On 2 December 2025, ASIC published a speech delivered by ASIC Commissioner Alan Kirkland that set out ASIC’s expectations for industry in establishing ‘world-class investment governance and research arrangements in Australia’. According to Mr Kirkland, in achieving this expectation, ASIC’s key focus is ‘minimising the risk of harm to consumers and investors’.

Key points from the speech included:

• Acknowledging the reliance that Australian investors have on the expertise and integrity of those in the investment chain.
• In relation to recent concerning practices for superannuation rollovers, it is ASIC’s view that ‘research houses should serve as gatekeepers against poor quality investments or unsuitable products’.

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ATO – Examples where ATO’s remedial powers unable to be exercised

On 2 December 2025, the ATO published guidance setting out situations where it was unable to use its remedial powers to modify the operation of superannuation law. Generally, the ‘Commissioner of Taxation has limited powers to modify the operation of tax law in circumstances where entities will benefit, or at least be no worse off, as a result of the modification’.

The guidance sets out a number of situations where it was unable to use its remedial powers, including where it was requested to modify certain taxation law definitions, apply transitional capital gains tax relief for unsegregated super funds, and use a different formula for calculating associated earnings for the purposes of the excess non-concessional contributions rules.

Click here for details.

ASIC – Updated Internal Dispute Resolution data reporting handbook published

On 1 December 2025, ASIC released an update to its Internal Dispute Resolution (IDR) data reporting handbook. The update follows recent legislative and regulatory changes.

The updated handbook will apply to complaints in the July to August 2026 submission window, with IDR reporting unchanged for the upcoming January to February 2026 submission window.

Click here for details.

ASIC – Final warning to financial advice industry

On 1 December 2025, ASIC issued a warning that financial advisers ‘who are existing providers and intend to provide personal advice to retail clients about relevant financial products after 31 December 2025 are running out of time to’ (amongst other things):

• meet their relevant education and training requirements; and
• ‘review the accuracy of their information recorded on the Financial Advisers Register’.

ASIC has established a new webpage for financial advisers which provides information on how to update incomplete or inaccurate information.

For those financial advisers who do not meet the standards by 1 January 2026, ASIC recommends that ‘their AFS licensee should consider ceasing their authorisation on or before 31 December 2025 to avoid consequences to the existing provider status’.

Click here for details.

ASIC – Feedback sought on stamp duty and portfolio holdings disclosure requirements for super funds

On 28 November 2025, ASIC commenced consultation in relation to proposed amendments to the fee disclosure rules for superannuation funds. The changes relate to stamp duty and portfolio holdings disclosure requirements.

ASIC is proposing that:

• ‘stamp duty be disclosed as an average amount over seven years, rather than an annual sum, in fees and costs summaries’; and
• ‘[c]lass order relief for superannuation trustees [will be provided], aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt’.

The consultation period closes on 20 February 2026.

Click here for details.

AFCA – Response to Rules consultation released

On 27 November 2025, AFCA published its response paper to its Rules consultation which took place from 19 May to 13 June 2025. AFCA received 39 submissions through the consultation process which resulted in minor (and not substantive) changes to the final Rules. Now that the consultation period has ended, a small number of changes have been approved which includes AFCA having:

• expanded jurisdiction to ‘consider complaints involving receiving banks and mule accounts in scam complaints’;
• the discretion not to accept a complaint by a ‘Paid Representative’ where it is not submitted through ‘AFCA’s preferred communication channel or if the Paid Representative is not an AFCA member where membership is required by law’; and
• the power to ‘publish the names of financial firms that fail to comply with AFCA Determinations’.

The new Rules will come into effect on 12 March 2026.

Click here for details.

Parliament – Bill providing flexibility for downsizer contributions introduced

On 26 November 2025, a private member’s Bill was introduced to the Senate known as the Unlocking Supply of Family Homes Bill 2025 (Cth). The Bill is intended to provide ‘Australians greater flexibility when contributing the proceeds of the sale of their family home into their superannuation’. The Bill would amend the rules around downsizer contributions under the Income Tax Assessment Act 1997 by:

• lowering ‘the minimum age of eligibility from 55 years to 50 years’;
• extending ‘the period of time to make a downsizer contribution after settlement from 90 days to [one] year’; and
• increasing the maximum amount of the downsizer contribution from $300,000 to $500,000.

Click here for details.

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