The Australian Securities and Investments Commission (ASIC) has issued a guide to help planners and advisers comply with the Corporations Act when they give personal advice about switching super funds.

ASIC Deputy Chairman Jeremy Cooper says while the new Super Choice regime, which starts on Friday, “doesn’t impose any new obligations on advisers”, the guide will explain the disclosure requirements that need to be undertaken by planners before they can recommend a switch of fund to their client.

The guide – which has been developed in consultation with the Financial Planning Association (FPA) and the Investment and Financial Services Association – adds to the initiatives ASIC has already taken to help advisers understand their obligations in the lead up to Choice.

“ASIC has been grateful for the thoughtful input from industry on the guide,” Mr Cooper said. “We have welcomed their co-operation and have a high expectation about the greater readiness of the financial planning industry to play their role in advising about super choice.”

The FPA has welcomed the release of the guide, saying it helps to clarify what is expected of financial advisers and provides added protection for employees.

CEO Kerrie Kelly says the association is spending time promoting the guide to members. “It takes a commonsense approach, and financial advisers can now feel confident that they know what ASIC requires,” she said.

“It clearly states what does and does not fall within ASIC’s definition of super switching advice – something which has been lacking but is essential to both financial advisers and their clients.”

But Ms Kelly says there are still some areas of difficulty for financial advisers, with some super funds making it “very difficult” to obtain information if a client wants to move their superannuation money.

“The FPA has been working with ASIC to improve the transparency of all funds so that advisers and fund members can obtain the information they need to make an informed choice,” she said.