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 lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
