In a keynote address to superannuation chairs, the Australian Securities and Investments Commission (ASIC) set out its 2026 supervisory and enforcement focus for the sector, arguing that trustees must scale governance, skills, systems and operations as superannuation grows in size and systemic importance. The speech framed member service failures, scams and cyber risk, and retirement delivery as key areas where trustees will be held to account. ASIC highlighted early findings from its review of how trustees use complaints to identify and address service issues, noting that five of the 10 trustees examined in depth had not identified a single systemic issue from complaints analysis over the review period, and at least one had not analysed complaints data at all, despite regular analysis being an enforceable requirement. It also reported benchmarking 47 super fund websites against the major banks on scam communications, with most funds scoring 40% to 60% versus bank results generally above 80%, and gaps including limited definitions of scams, missing messaging on scam warning signs, minimal alert subscriptions and limited dedicated scam-reporting contacts. For 2026, ASIC said it will follow up on progress against its death benefits review recommendations, continue disrupting harmful switching behaviour, and hold trustees accountable for moving the Retirement Income Covenant from implementation to delivery. It also flagged continued work on market transparency and superannuation financial reporting and audit surveillance, bringing forward its review of Regulatory Guide 97 ahead of 2027, a new enforcement priority targeting those responsible for the collapse of the Shield and First Guardian Master Funds, and an increased enforcement focus on poor private credit practices with further updates to follow.

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