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.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
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A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.