POWERED BY MOMENTUM MEDIA
Super industry needs to improve life insurance outcomes
The Australian Securities and Investments Commission (ASIC) has urged the superannuation industry to focus on improving the life insurance outcomes for its members.
The ASIC’s report which was released today, ‘Insurance in superannuation: Industry implementation of the Voluntary Code of Practice’, aimed to set standards of practice to improve industry practices in benefit design, claims handling and communications to members.
According to ASIC, 70% of superannuation trustees adopted the code in whole or part however the full implementation was not due for completion until 30 June, 2021.
“We identified a number of inconsistencies in implementation of the code, some relating to fundamental aspects such as which members are covered by the code, the controls around balance erosion, and calculation of timeframes for claims processes,” ASIC’s commissioner, Danielle Press, said.
“Also, trustees are continuing to leave vulnerable members behind – they need to have better defined policies and processes for those with unique needs.”
The regulator said it would continue looking at issues relevant to consumer outcomes in relation to insurance in superannuation.
Further to that, ASIC and the Australian Prudential Regulation Authority (APRA) were working in tandem to improve consumer outcomes in insurance in superannuation, the regulator said.
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
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”.
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
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
