This is the most ill informed comment I have ever seen. Why on earth would you think Superannuation funds are not subject to the same compliance regime as you? Literally the only difference is intra-fund advice. For intra-fund advice, superannuation funds are still required to meet FASEA, BID, SOA, RoA etc. The only relief they get is the FDS/Opt in when it comes to intra-fund advice only. If they have non-intrafund arrangements with members, they must still abide by FDS/Opt in requirements. While I agree it is not a level playing field because of the ability to give what some members might feel is "free" advice as it is not an additional cost, but one they are already paying for from their admin fees in the fund. BUT be clear, these industry funds are expected to adhere to all the things you mentioned in your comments, there is no exemptions from FASEA, SoAs etc. Please do your homework and argue about something based on correct information.