Superannuation funds can expect greater scrutiny from the Australian Securities and Investments Commission (ASIC) as it works to rebuild consumer trust in the financial system.

The corporate regulator’s enhanced supervisory approach includes more frequent site visits, building on “already significant public actions” such as more enforcement outcomes and increasing its use of available data.

More consumer testing and shadow shopping are also in the works.

“By building on our existing work in this way, we plan to heighten the intensity of our regulatory scrutiny in superannuation,” Chairman James Shipton said.

“We plan to do everything in our power to improve member outcomes in superannuation.”

Mr Shipton has criticised super funds and the wider financial services sector for eroding public trust through misconduct.

“To be blunt, there has been too much focus in many parts of the superannuation sector on exploiting opportunities to make money from Australians instead of focusing on the responsibilities that come from being the custodians of other people’s money,” he said.

ASIC will soon release its Insurance in Super report, and plans to establish a project assessing personal advice provided by super funds.