In February 2024, the Australian Securities & Investments Commission (ASIC) released Report 779 titled “Superannuation choice products: What focus is there on performance?” in the realm of superannuation, spotlighting the role of trustees, financial advisers, and Australian financial services licensees.

The document underscores a concerning lack of focus on performance and transparency, especially concerning underperforming investment options within choice superannuation products. This detailed investigation by ASIC reveals that these key stakeholders wield significant influence over member investment choices, with a direct impact on their retirement outcomes.