Adherence to the Insurance inside Superannuation code of conduct should have been made compulsory, according to a majority of superannuation fund trustees and executives.
While the Insurance inside Superannuation Working Group (ISWG) opted for voluntary compliance, a survey conducted by Super Review during the Conference of Major Superannuation Funds (CMSF) in March revealed a significant majority of respondents believed it should have been compulsory.
Significantly, the Minister for Revenue and Financial Services, Kelly O’Dwyer had also signalled the Government’s preference for a compulsory code.
Asked whether they believed superannuation fund adherence to the Insurance within Superannuation code of conduct should have been compulsory, the survey, sponsored by EISS Super, revealed that 59.2 per cent of respondents answered ‘yes’ with 33.3 per cent answering ‘no’.
Despite the voluntary nature of the code of conduct, a majority of members of the Australian Institute of Superannuation Trustees (AIST) had indicated that they would be adhering to the code.
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Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.