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In 2020 the 'Insurance in Superannuation Voluntary Code of Practice' (ISVCoP) owners, AIST, ASFA and the FSC initiated a review into the vulnerable member provisions of the ISVCoP. The code owners convened a working group, comprising of superannuation funds, insurers, and administrators to ensure the Code was appropriately responding to the needs of vulnerable members.
The working group has made several revisions to the vulnerable members section of the Code and seeks feedback from interested stakeholders on these amendments. The draft provisions can be found here.
The Code Owners invite interested stakeholders to provide feedback on the draft revisions to the vulnerable member provisions of the ISVCoP. Stakeholders are encouraged to consider the below questions when submitting their responses.
The consultation period will close at 5:00 pm on 29 March 2021. Responses can be emailed to firstname.lastname@example.org.