These standards were designed to create a greater understanding, clearer accountability and consistent delivery of insurance benefits in super. Since its introduction, the majority of the requirements in the Code were superseded by legislative and regulatory reforms, and in July 2021 the Code was replaced with Guidance Notes focussing on support for vulnerable members and appropriate claims handling standards.
Colonial First State Investments Limited (CFSIL) and Avanteos Investment Limited (AIL) adopted the Code in 2018 and have already implemented a number of enhancements such as making more information available about insurance options, supporting members when experiencing vulnerable circumstances and improving how we communicate about your insurance cover. It’s all part of our efforts to improve the experience of our members, and we will continue to refer to the Guidance Notes to further enhance our insurance product and service to 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).