On 13 March ASFA, Women in Super (WIS), and the Super Members Council (SMC) came together to co-host a Financial Abuse Roundtable in Sydney, drawing senior voices from across the superannuation, financial services and advocacy sector.
The afternoon opened with remarks from Senator Deborah O’Neill, who reflected on the findings of a parliamentary inquiry she recently led, and the subsequent report tabled, Financial abuse: an insidious form of domestic violence. She challenged the sector to step up alongside government to help protect Australians from this sinister form of harm.
From there, the agenda moved through a series of sessions examining the scope of the problem, the limitations of current frameworks, and the opportunities for collaboration and reform.
Speakers included Rebecca Glenn (Centre for Women’s Economic Safety), Dr Tessa Boyd-Caine (Australia’s National Research Organisation for Women’s Safety), Mark Bland (Mills Oakley), and Robert Fitzgerald AM (Australian Human Rights Commission), who highlighted the ways financial abuse intersects with family violence, ageing and economic insecurity, and how superannuation systems can either support or fail members in these moments.
A practical session on superannuation splitting, led by Tania Clarke (CWES), examined how the process is working in practice and where reforms could better support members separating in the context of abuse. Other sessions addressed proposed changes to the Superannuation Industry (Supervision) Act 1993, led by Luke Barrett (Gilbert + Tobin); a review of how the Australian Taxation Office (ATO) identifies and responds to financial abuse (IGTO); updates to Australian Financial Complaints Authority (AFCA) guidance; and the broader role of funds, administrators and complaint bodies in recognising and responding to abuse.
While several challenges were raised – including legal complexity, system design constraints, and the pace of regulatory change – there was clear agreement on immediate priorities. These include finalising improvements to super splitting processes, strengthening training and education on financial abuse for the super sector, and developing consistent approaches across the industry to better support members at risk.
These areas will be progressed through existing initiatives, including ASFA’s Financial Crimes Protection Initiative (FCPI), and further engagement with funds, administrators and financial services partners. The three peak bodies reaffirmed their commitment to working together, particularly on shared challenges like product design, member privacy and safe administration practices.
The final session underscored the importance of sector-wide collaboration and the need to maintain momentum. The Roundtable closed with a shared commitment: to keep listening, to keep learning and to ensure that no member facing abuse is left without support.
