Delivering the outcomes Australians deserve – ASIC report 806

SMC today acknowledged the release of ASIC’s Report 806, Taking ownership of death benefits: how trustees can deliver outcomes Australians deserve.

Super Members Council CEO, Misha Schubert said:

“With deep empathy, SMC acknowledges ASIC’s report today on claims handling processes.”

“Super fund members and their families rightly expect and deserve the highest standards of service, care and compassion – especially in the hardest of times.”

“Over the past year, we’ve seen profit-to-member funds relentlessly focus on improving claims handling, and while ASIC has acknowledged improvements by all  types of funds, there is more to do.”

“The work already underway by government and the industry on new mandatory service standards is another important stride forward.”

“There’s also a key role for Government to remove regulatory red tape to further speed up claims handling for members – that’s why we strongly advocate urgent legal reforms to enable digitised binding death nominations and legal recognition of the kinship structures of First Nations members.”

“We are deeply committed to ensuring the highest possible standards of customer service – that’s what Australians with their retirement savings in super rightly expect.”