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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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