POWERED BY MOMENTUM MEDIA
Revisions proposed to Insurance in Super voluntary code
The three major lobby groups covering the superannuation industry have issued key amendments to the vulnerable members provisions within its Insurance in Superannuation Voluntary Code of Practice.
The amendments, developed by the Vulnerable Members Working Group, provide significantly greater detail about who the code covers and now include the fact that a member’s vulnerability may also be due to family violence and isolation.
The voluntary code of practice was developed by the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC).
The revisions to the vulnerable members section have now been made available to stakeholders for consultation.
Among the amendments are an undertaking to better resource staff to enable them to deal with needs of vulnerable members, including the provision of interpreters where necessary.
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
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
