On 12 June 2025, the Australian Securities and Investments Commission (ASIC) published the keynote address given by its chair, Joe Longo, at the AmCham Regulator Luncheon Series.

In his speech Mr Longo discusses the role that superannuation plays in the Australian economy, as a significant force in both local and global capital markets, with superannuation funds’ investment allocations to international public equities now surpassing domestic public equities investment.  Mr Longo notes that given the size and depth of its economy, the United States is a natural destination for this capital, and more and more Australian capital is behind American infrastructure projects, data centres, and energy and technology businesses. Mr Long also notes that the superannuation sector is currently the subject of significant regulatory and enforcement action from both ASIC and the Australian Prudential Regulation Authority. In particular, Mr Longo warns that ASIC’s work across the superannuation sector has exposed governance challenges, and exposed superannuation trustee board blind spots around their data, systems, and processes.

Mr Longo discusses ASIC’s next phase of work on superannuation which will focus on ‘board blind spots’, specifically, how trustees learn from and respond to the complaints they receive. He reminds superannuation trustees that they have an obligation to act honestly, exercise the same degree of care, skill and diligence as a prudent trustee and perform duties and exercise powers in the best financial interests of beneficiaries. None of this is possible without the right information and therefore trustees must have robust arrangements in place to oversee how complaints are being handled, be able to interrogate complaint data and have confidence that systemic issues are being addressed.

In closing his speech, Mr Longo says his speech should be seen as a reminder that ASIC has “read the riot act” to the superannuation industry and warns that for any trustees who don’t know their business, “inside and out”, and don’t act in the best interests of their members, “there will be trouble”.