The Australian Securities and Investments Commission (ASIC) has released class order relief for superannuation fund trustees (and their authorised representatives) who provide personal advice to fund members about their existing super fund.

ASIC’s Regulatory Guide 200 and Class Order [CO 09/210] deal specifically with advice about a member’s existing interest in a super fund. CO 09/210 applies only to super fund trustees or their authorised representatives. The guidance and relief applies in certain circumstances, and does not cover more complex personal advice about super, including switching, or retirement planning advice.

The relief applies to all super funds (other than self-managed super funds), but to rely on the relief, super fund trustees will need an Australian financial services licence with a personal advice authorisation. Those super fund trustees who do not meet the requirements of the relief must comply with section 945A of the Corporations Act when providing personal advice.