POWERED BY MOMENTUM MEDIA
Confidence on industry unanimity on insurance code
Both the Australian Institute of Superannuation Trustees (AIST) and the Association of Superannuation Funds of Australia (ASFA) are confident virtually all their member funds will sign up to the Insurance inside Superannuation code of conduct, notwithstanding some ongoing reservations.
The chief executives of both organisations, AIST’s Eva Scheerlinck and ASFA’s Dr Martin Fahy, said they believed that their members would sign up because the code represented a necessary starting point which would help avoid the need for prescriptive regulation.
The chairman of the Insurance inside Superannuation Working Group (ISWG), former TAL chief executive, Jim Minto described the code as a future minimum standard for the industry but acknowledged that it was neither compulsory nor enforceable.
“We wanted it to be enforceable but that was not something we had the power to achieve,” he said. “But it is the right first step.”
Fahy said he believed too much was being made of the absence of enforceability in circumstances where a principles-based approach would always trump prescription.
The trio told the Conference of Major Superannuation Funds in Brisbane that a number of significant funds had signed up to the code and they expected many more to follow.
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
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
