“It’s our number one challenge, frankly, because with superannuation investing, most of the time the products that we regulate are what the gatekeepers regulate,” he said.

“Super cuts across everything - particularly SMSFs, which cut across products and gatekeepers.

“Whether it be investor protection or markets, super really cuts across everything we do and it really predominates.”

Mr Medcraft also said ASIC’s organisational structure is appropriate to its mandate of investor protection and fairer and transparent markets.

“We’ve got an organisation which is aligned with our objectives, so I think we have the right organisation,” he said.

“The key thing is about being smarter about what we do. I think that is important.”