Australia’s corporate regulator, ASIC, says there are gaps in how some superannuation providers oversee member-chosen investment options. In reporting on the issue, ASIC warns that businesses that give members greater control over where their super is invested are not monitoring fees closely enough.
The regulator’s concern focuses on situations where members can select investments, including arrangements that may expose them to higher or complex fee structures. ASIC says providers have oversight responsibilities to identify and address high fees and ensure appropriate monitoring occurs.
Across coverage from multiple outlets, ASIC describes the issue as “deeply concerning” and frames it as an accountability and compliance problem affecting a large pool of retirement savings. The reporting notes that the issue relates to roughly $300 billion in super assets in the sector where these oversight arrangements apply.
All sources attribute the warning to ASIC and describe the same core message: additional scrutiny and stronger monitoring are needed to detect and manage high fees in self-directed or member-controlled super investment settings.
