The Australian Securities & Investments Commission convened multiple sitting panels of the Financial Services and Credit Panel (FSCP) between July and October 2024 to address financial advisers providing poor superannuation advice on contributions and rollovers that led clients to exceed contribution caps or the untaxed plan cap and incur additional tax. The action followed ASIC identifying multiple instances and thematic issues from breach reports submitted by Australian Financial Services licensees, with concerns advisers had failed to comply with the best interests duty, provide appropriate advice and meet the Financial Planners and Advisers Code of Ethics. The FSCP outcomes to date include two reprimands, a written direction for one adviser to appoint an independent person to audit the next 10 pieces of retail advice and report to ASIC, and a direction for one adviser to complete additional continuing professional education within 12 months, while relevant licensees compensated affected clients for financial and non-financial loss. ASIC will continue referring advisers to the FSCP where it identifies misconduct, and indicated unsuitable superannuation advice with adverse consumer outcomes will remain a key issue for 2025, alongside expectations for licensees to strengthen adviser training, monitoring and supervision, and remediation arrangements.

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