On 9 June 2026 ASIC updated its Regulatory Guide 234 Advertising financial products and services (including credit) (RG 234) to help industry comply with legal obligations and avoid misleading consumers.
It has also separately outlined its transitional approach to the enforcement of a new ban on any advertising of superannuation funds occurring during the employee onboarding process, set to commence on 1 July 2026.
ASIC has updated its guidance in RG 234:
* to cover intermediaries, including lead generators;
* to include clarification that the law and ASIC’s guidance also apply to AI-generated advertising; and discussion about disclosing the features, benefits and risks or limitations of using customer tools and tool capability, including AI-enabled tools;
* on how intermediaries should reflect features, fees and costs of third-party products and services in their advertising;
* on endorsements, including the use of branding and logos;
* to include further information about the use of click through links and QR codes in different advertising mediums, including where there are physical limitations;
* to refer to streamed and digital audio platforms; search engine advertising; and in-app advertising (e.g. banking apps).
ASIC has also:
* added Example 12, which sets out ASIC’s action against misleading greenwashing claims;
* expanded on its guidance to distinguish between warnings required by law and general disclaimers on headline claims;
* added examples of fees that should be included where they are referred to in an advertisement:
* added a clarification that when looking at performance periods of less than five years, the performance period used in the comparison should be the same or similar to that of the advertised product, subject to the other principles for comparisons.;
* provided further guidance on considerations for outdoor advertising;
* added additional commentary on the characteristics of ‘ordinary and reasonable persons’ when assessing the impact of advertisements.
RG 234 now also consolidates guidance from Regulatory Guide 53 The use of past performance in promotional material (RG 53) so that all advertising guidance is in one place. As a result, RG 53 has now been withdrawn.
ASIC says there is no applicable transition period following the release of the updated RG 234.
It also says that further updates to RG 234 may be needed in the future to cover high-risk superannuation switching.
Superannuation issues
ASIC has outlined its transitional approach to the enforcement of a new ban on any advertising of superannuation funds occurring during the employee onboarding process, set to commence on 1 July 2026.
The ban, which does not apply to general advertising to the public, aims to protect employees from being influenced to make uninformed decisions, which may include opening inappropriate products or unintentionally creating duplicate superannuation accounts.
MySuper products that meet the legislated criteria, employer default funds, and an employee’s stapled fund are exempt from the ban.
ASIC acknowledges it will take time for entities to build the capabilities needed to meet these new requirements. As such, for a period of 12 months from 1 July 2026, ASIC will take a balanced approach to the ban on advertising.
Any enforcement action will likely be directed at misconduct that is serious or reckless in nature and not where entities are making honest attempts to comply with the new requirements.
The changes to the Corporations Act 2001 are implemented by provisions under the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026. The Act also allows for regulations to provide greater details on the conditions and disclosures required.
ASIC intends to provide updated guidance once any regulations have been made.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
