Who regulates or governs super in Australia?
Your fund is run by a Trustee and they are bound by law to act honestly, prudently and make decisions in the best interests of all members. Trustees must demonstrate to the regulator that they have fit and proper people to do this.
The Trustee must adhere to the rules of the fund, set out in the Trust Deed as well as superannuation law. If they fail in their duties, courts or Government agencies can penalise or potentially remove them as the trustee.
The main three Government agencies which regulate and enforce the laws applying to superannuation that protect and keep your super benefits secure include:
- Australian Prudential Regulation Authority (APRA) - ensures that super funds (except self-managed funds) are managed prudently.
- Australian Securities and Investment Commission (ASIC) - regulates the industry in the interests of consumers.
- Australian Tax Office (ATO) - imposes tax and regulates the taxation and certain reporting requirements of super funds (including SMSFs).
Learn more about Security
- Is my super secure?
- How does the market affect my super?
- Who regulates or governs super in Australia?
- What laws appy to my superannuation?
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