POWERED BY MOMENTUM MEDIA
ASIC criticises limits on super insurance code
The Australian Securities and Investments Commission (ASIC) has pointed to the insurance inside superannuation code of practice as having “significant limitations” because of its lack of enforceability.
ASIC deputy chairman, Peter Kell used an address to the Actuaries Institute to point to both the benefits and deficits of the insurance inside super code but made clear the regular saw it as having significant limitations.
Kell said that while the insurance in super code represented an important step in recognising the need for industry to play a role in reforming the area and had the potential to introduce clearer and more consumer-focused disclosure, it was still too limited
“…the code has significant limitations, such as its lack of enforceability and lengthy transition period into 2021,” the ASIC deputy chairman said.
Kell’s comments have come against the background of a substantial number of funds signalling their voluntary commitment to the code.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
When you compare the performance of the financial services regulators with the ACCC you see what poor value for money we receive from ASIC and APRA
The industry had a go. It may not be perfect. Of course the vacuum that had to be filled by the Code was created by failed regulators unable or unwilling to do their job. They have power and people coming out their ears. They cost Australians millions of dollars a year.
If ASIC thinks something different should apply why isnt it doing something about it? More words!!