The corporate regulator is considering legal action against more than 30 underperforming superannuation funds and predicted "close to 100" super funds could cease to exist.

"We're not waiting for any further legislative reform. We're going to start enforcing the law," the deputy chair of the Australian Securities and Investments Commission, Karen Chester, told the Australian Financial Review's banking and wealth summit in Sydney on Tuesday.

"So, if a fund has a persistently underperforming product, or they themselves have persistently underperformed over the long term, and they have not done anything to address that, we're going to enforce the law. ASIC is underway. We are looking to litigate."

As Productivity Commission deputy chair, Ms Chester last year oversaw a comprehensive review of the $2.8 trillion super industry which identified more than 30 super funds who persistently underperformed for members. They were a mix of retail and industry funds. It did not name individual funds for fear of sparking a wave of member transfers out of those funds, to the detriment of those remaining.