Guidance Notes

The main purpose of this Guidance Note is to assist a Scheme Operator (including investment managers, asset owners and wealth managers) in formulating and maintaining a Voting Policy that is publicly available to Scheme Members.

This Guidance Note is designed to assist members in complying with the provisions in the Corporations Act 2001 and the SIS Act 1993 relating to the consent to deduct advice fees. This latest Guidance Note reflects the changes introduced by the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024.

This Guidance Note provides potential approaches for APRA-regulated superannuation funds in managing operational risk and material service provider obligations under APRA Prudential Standard CPS 230 Operational Due Diligence.

This Guidance Note provides a standardised due diligence framework for assessing a fund manager’s suitability as a material service provider to a superannuation fund, under APRA Prudential Standard CPS 230 Operational Due Diligence. It should be applied by fund managers in determining what documents and assurances to provide to superannuation funds seeking to comply with CPS 230.

This Guidance Note sets out the principles to be adopted in the valuation of Scheme assets and liabilities, independence, market values, the existence of properly regulated markets and valuation frequency, as well as providing guidance in the interpretation and application of those principles.

This Guidance Note sets out the recommended principles to be followed in determining the Crediting Rate to be applied to Scheme Interests of Investors. These principles should be applied by the Operator of a Scheme (“Scheme Operator”) (whether offered for public subscription or otherwise) except:

This Guidance Note sets out minimum recommended practices when incorrect prices have been calculated and transacted upon and for determining when compensation is required that arises as a result of incorrect unit prices. These principles should be applied by the Operator of a Scheme (“Scheme Operator”) (whether offered for public subscription or otherwise) in relation to the Scheme. Although the recommendations in this Guidance Note are not mandatory, they represent sound industry practice. As the topic of errors addressed in this Guidance Note is a sensitive area in the financial service industry, it is emphasised that following such practice should minimise the possibility of non-compliance with the requirements of legislation and FSC Standards, as applicable, including FSC Standard No. 1 Code of Ethics and Code of Conduct.

This Guidance Note sets out the recommended principles to be adopted in the calculation of Scheme prices, transaction cost factors, arbitrage opportunities, backdating, the frequency of pricing, rounding adjustments and process documentation. These principles should be applied by the Operator of a Scheme (“Scheme Operator”) (whether offered for public subscription or otherwise) in determining the price at which transactions in Scheme interests by Investors may take place except:

This Guidance Note applies to FSC Members generally and in particular Members who are Operators of a Scheme where investment returns are to be calculated and disclosed. GN46 provides voluntary guidance that replaces former FSC Standard 6 Investment Option Performance - Calculation of Returns.

This Guidance Note is applicable to FSC members who are providers of Financial Products and Services. Where there is a conflict between applicable legislation, regulations, rules and regulator policy and the constitution of a scheme and the principles in this Guidance Note, the principles in this Guidance Note should be applied as far as is practicable. GN47 provides voluntary guidance that replaces former FSC Standard 10 Presentation of Past Performance Information and Visual Promotions.

This Guidance Note is relevant to FSC Members broadly. However, it is of particular relevance for FSC Members who are trustees holding a licence to operate a registrable superannuation entity (RSE) under the provisions of the Superannuation Industry (Supervision) Act 1993 and Regulations (collectively, SIS). Its purpose is to promote industry practices of trustees of superannuation entities for Environmental, Social and Governance (ESG) risk management, proxy voting record and trustee board diversity.

This Guidance Note is designed to assist FSC fund management members in responding to requirements to report modern slavery risk in their operations and supply chains, and actions taken to mitigate risks as per the requirements of the Modern Slavery Act 2018 (Cth).

This Guidance Note provides a questionnaire-styled standardised template for use by fund managers when undertaking Due Diligence investigations.

This Guidance Note is relevant to life insurance and reinsurance companies, superannuation trustees and fund administrators and aims to improve the quality and availability of group insurance data (both member exposure and claims) for use in the tendering process, for renewal pricing and reserving and more generally by the trustees and insurer. It also aims to influence the broader industry, including superannuation trustees and fund administrators who are not AIST, FSC, IFF and ISA members, by outlining best practice group insurance data management practices and processes. The Guidance Note outlines at a more granular level than SPS 250 the specific data fields that trustees, insurers and administrators should collect and report as best practice for group insurance tendering, ongoing reserving and repricing processes

26 May 2017: This Guidance Note was updated in May 2017.

To provide industry participants with guidance in relation to the requirements for calculating and disclosing fees and costs in product disclosure statements and periodic statements.

The main features of this Guidance Note are to indicate to Managers, when reporting dividend imputation credits derived from investments in Australian shares, the formats they may choose to report the credits to their Investors; the formula for calculating the franking level of distributed Income; and the basis for quoting Franking Credits..

The main objective of standardising industry terminology is to enable investors to have a clearer understanding of financial Products and services when making investment decisions; to enable fund managers and consultants to interpret information in a like manner and produce statistics/material that is accurate and useful; and to improve efficiency within organisations when developing Offer Documents.

The purpose of this Guidance Note is to specify the principles for asset valuation in the calculation of unit prices when transactions may take place in Schemes which are substantially invested in infrequently valued assets; to provide guidance in the interpretation and application of those principles and to standardise the practices and procedures relating to the pricing of interests in such Schemes.

This Guidance Note was prepared by the FSC Unit Pricing Working Group. This Guidance Note is to be used by Scheme Operators when formulating and applying a policy for the treatment of Deferred Tax Assets (DTA). This Guidance Note will have specific application when calculating the DTA for unit pricing purposes.

This Guidance Note was jointly developed by the Australian Institute of Superannuation Trustee (AIST), Association of Superannuation Funds of Australia (ASFA) and the FSC to provide guidance on dealing with vulnerable customers. It is relevant to all FSC superannuation members.

The main features of this Guidance Note are to specify the principles to be adopted when calculating After-tax returns; facilitate accurate comparisons amongst Products; provide guidance in the interpretation and application of those principles; and to standardise the practices, procedures and terminology relating to the calculation of After-tax returns.

The main features of this Guidance Note are: to provide guidance to Financial Services Council members when cover under a current Group Insurance Policy is transferred to another insurer; and to specify when an incoming insurer becomes responsible for claims, and the acceptance terms on which it takes over the cover.

The purpose of this Guidance Note is to assist Financial Services Council members in following the global standard for the presentation of historical investment manager performance through adoption of the Global Investment Performance Standards (GIPS).

This Guidance Note is designed to assist Investment Management Members to improve the representation of women in investment management teams over time. The latest version of the Guidance Note does not contain the Women in Investment Management Charter, which was removed in March 2026.

This Guidance Note sets out features of two types of money market funds to demonstrate which funds are permitted to use the words ‘money market’, ‘cash’, ‘liquid’, ‘ready assets’ or similar terms, in their name.

The main features of this Guidance Note are: to specify the principles to be adopted in relation to Investment Brokerage arrangements; to provide guidance in the interpretation and application of those principles; and to specify the basis for disclosure of Investment Manager Brokerage Arrangements.

The purpose of the Standard Risk Measure Guidance Paper is to provide guidance to superannuation funds on the calculation and disclosure of superannuation investment risk to fund members. The Guidance Paper has been jointly developed by the FSC and ASFA and its adoption is strongly recommended by APRA and ASIC.