Super funds will be able to apply to ASIC for temporary relief, when providing intra-fund advice to their members about switching queries.
Under the new measures, funds will be able to provide temporary advice about switching out of investment options, including in the case of moving out of a balanced option to a cash option.
Funds can also provide advice on the transfer of money out of the fund into another super fund or savings account.
Information with regards to certain aspects of bank guaranteed deposits and market linked investments can also be provided.
Care Super chief executive Julie Lander welcomed the regulator's flexible approach.
"At least ASIC is not trying to impose further regulation on us," Lander said.
She said the fund's financial planning service will be able to handle the bulk of member queries.
"We are fortunate to have a financial planning service that we can transfer member queries to."
Industry associations have also welcomed the ASIC measure.
"This is good news. ASIC's measure has come at the right time and will give some people more advice on the information they need with regards to their investment strategies. It is constructive regulation," Investment and Financial Services Association chief executive Richard Gilbert said.
The ASIC measures will assist members during this period of market turbulence, and is a step in the right direction for funds being able to provide intra-fund advice, according to the Australian Institute of Superannuation Trustees chief executive Fiona Reynolds.
Reynolds said she hoped this latest ASIC measure would lead to longer-term reform, enabling funds to provide simple advice.
