ASIC has recently conducted surveillance activity which identified two significant concerns in the labelling of financial products by managed funds. The first of which was confusing and inappropriate product labels across over half of the fund selected, meaning that some cash funds had asset holdings which were more similar to a bond or a diversified fund offering. The second significant concern related to redemption features not matching the liquidity of underlying assets, which occurred in a smaller number of funds, but were nonetheless troubling.

Proposed changes to allow electronic information sharing between the ATO and the Family Law Courts in relation to super assets held by relevant parties during family law proceedings has been delayed. The measure was initially proposed to commence in July 2020 but is now predicted to commence July 2021 at the earliest, with the government citing the complexity involved in the mishmash of different family law jurisdictions in each state as the main reason. Once in place, it is hoped the measure will result in more timely and equitable property splits.

The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at reducing unnecessary fees by ensuring super is paid to a single default account for employees, increasing transparency of super products via the introduction of a rankings website, conducting annual performance tests for various super products to tackle fund under-performance, and ensuring trustees act in the best financial interest of their members. The proposals are currently in consultation stage and are not yet law.