How your self-managed super fund is regulated

ASIC

ASIC regulates Australian companies, which includes corporate trustees of SMSFs and other super funds. It also regulates financial markets, financial services organisations and professionals who deal and advise in investments, super, insurance, deposit taking and credit. ASIC licenses and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly so that consumers are protected. These businesses typically deal in super, managed funds, shares and company securities, derivatives and insurance.

ASIC is responsible for registering companies, managed investment schemes, auditors and liquidators. From 1 July 2013 it will be compulsory for auditors of SMSFs to be registered with ASIC and to have an SMSF Auditor Number (SAN). ASIC will manage the registration process and set competency standards.

As the government agency with overall responsibility for financial literacy, ASIC runs the MoneySmart website, which is one of the key initiatives in the National Financial Literacy Strategy and offers free independent guidance to assist consumers and investors, including SMSF trustees.

For a wide range of investment tips and safety checks for consumers and investors, refer to the ASIC consumer website at moneysmart.gov.au

Sections within Administering the super laws

• ATO
• APRA
• ASIC
• DHS