The federal government’s announcement that it will introduce mandatory and enforceable service standards for superannuation funds has been welcomed by ASFA – the voice of super.
ASFA CEO Mary Delahunty said members from across the superannuation ecosystem recognise consumer expectations of service standards have not always been met, and highlighted the steps ASFA and the sector more broadly have already taken to improve service standards and member outcomes.
“Scrutiny and high standards drive our world-class sector forward. We welcome the government’s focus on strengthening member outcomes and stand ready to lead the sector’s response to the consultation in collaboration with other stakeholders on the development of these essential service standards.”
The Government has indicated the new standards will initially focus on the timely and compassionate handling of death benefits, the fair and efficient handling of insurance claims, and providing clear and accessible communications to members.
“ASFA has already spent a significant amount of time working closely with members to identify what can be done, from both practice and policy perspectives, to lift the consumer experience of death benefit claims,” Ms Delahunty said.
AFSA’s proactive efforts included the creation of a service standards working group involving members, other associations and discussions with the regulators – APRA and ASIC – and the external dispute resolution body, AFCA.
“Over a year ago we were pleased to lead the work on the uplift required in death benefit payment processes, resulting in the publishing of a comprehensive Service Standard on Death Benefit Payments and complementary Policy Proposals in September last year,” Ms Delahunty said.
That process was led by respected superannuation expert and former Chair of the Superannuation Complaints Tribunal, Jocelyn Furlan, and convened by ASFA in conjunction with other sector bodies, including the Superannuation Members Council, the Council of Australian Life Insurers, and targeted consultation with superannuation consumer groups.
And as of today, ASFA is leading the sector’s development of a Service Standard for Insurance Claims Handling in Superannuation.
“The work to meet these standards is ongoing, and one the sector is committed to in achieving its goal of continuous uplift in member outcomes,” Ms Delahunty said.
ASFA is also rolling out training for the superannuation sector on how to implement the service standards and improve customer experiences of death benefits claims handling.
Funds have also acted to improve their internal processes such as through digitisation, identifying and removing points of friction, plain-English member communications, and some funds creating in-house claims assessors, all of which mean a more streamlined process for people in the community.
“We have a diverse, and well-functioning superannuation system which consistently delivers for Australians on its job – providing dignity in retirement – and ASFA will continue to be a proactive, responsible and forward-thinking advocate for superannuation industry best practice,” Ms Delahunty concluded.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
