Super Choice – the regime that will allow millions more Australians to choose their own superannuation schemes – finally came into action on Friday.

The new superannuation system has re-opened the retail versus industry funds debate, as well as the debate over the quality of advice offered by financial planners. And it has prompted a lot of Australian workers to examine the pros and cons of their existing funds.

The Australian Securities and Investments Commission (ASIC) used the launch date to encourage consumers to put some personal responsibility into the management of their retirement savings. Chairman Jeff Lucy says the Super Choice regime is “an opportunity for many Australians to find out more about their superannuation” and making informed decisions about their retirement savings.

But the media backlash over super funds using flash advertising to persuade people to switch without proper research has prompted the regulator to flex its muscles.   

“ASIC will be assisting consumers find out about their rights, and helping protect them against misconduct,” Mr Lucy said.

He says ASIC will conduct a number of activities, including monitoring advertising campaigns, random shadow-shopping campaigns for planners, and the review of funds’ product disclosure statements. He says it will also act quickly on complaints of misconduct.