We previously stated our intention to adopt the Insurance in Superannuation Voluntary Code of Practice (the Code), which was scheduled to come into effect on 1 January 2022.
Since the Code was first developed, most of its requirements have been overtaken by legislative and regulatory reforms. On 1 July 2021, the Code Owners announced they were replacing the Code with guidance notes for those parts not covered by legislation or regulation—including improving outcomes for vulnerable members and claims handling for members with life insurance held through super.
We already comply with much of the Code and have implemented many other enhancements to improve the experience of our members.
Going forward, we’ll consider the Code Owners’ guidance notes as we continue enhancing our products, services and interactions with members.
Note: The Code Owners are the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).