ASIC to take 'balanced' stance on super advertising ban rules

The corporate regulator said it promises to take a "balanced" approach to enforcing new rules around any advertising of superannuation funds during the employee onboarding process, which take effect in a few weeks.

From July 1, trustees and employers will not be able to promote super products at the point of hiring, with the aim of limiting undue influence on employees' fund choices under the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026.

The restriction does not extend to general public advertising. Exceptions also apply to MySuper products that meet legislative criteria, employer default funds, and an employee's stapled fund.

The "MySuper product exception" will allow a person to advertise a MySuper product only, and not any broader features or Choice product options, even if these are available to a MySuper product holder within the fund.

Outlining its transitional approach to enforcing the ban, ASIC said it recognises that industry participants will need time to adjust processes and systems.

For the first 12 months, the regulator said it will adopt a "balanced approach".

"Any enforcement action will likely be directed at misconduct that is serious or reckless in nature and not where entities are making honest attempts to comply with the new requirements," the regulator said.

Treasury has framed the changes as a way to improve efficiency and reduce multiple accounts across the super system, believing that by enabling employers to obtain and present stapled fund information earlier, employees are better placed to retain existing accounts when starting new roles.

Also under the new laws, employers will be able to request stapled super fund details from the commissioner before, during or after issuing a standard choice form. Currently, the laws allow such requests after no fund has been nominated.

This amendment will enable more efficient onboarding processes as employers can retrieve stapled fund details and provide this information, if available, to the employee to inform their choice of fund, Treasury said.

"This will make it easier for employees to see, consider, and select their existing fund when they start a new job if they choose to do so. It will also reduce unintended duplicate accounts and give employers more timely and accurate details."

ASIC added further guidance will be provided once supporting regulations are finalised, including detail on disclosure and process requirements.

Separately, ASIC updated Regulatory Guide 234 Advertising financial products and services (including credit) following a consultation held from 27 November 2025 through to 22 January 2026.

The guide, which applies to any advertised financial products, financial advice services, credit products or credit services, outlines the legal obligations of not making false or misleading statements or engaging in misleading or deceptive conduct.

In the updated version, ASIC added its enforcement and regulatory action relevant to advertising conduct.

It also folded Regulatory Guide 53 The use of past performance in promotional material in RG234.