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AIST has recommended that provision of intra-fund advice be extended to allow the consideration of a spouse’s super.
Our submission to ASIC on affordable advice to consumers, notes that one of the main advice strategies for members in the accumulation phase leading up to retirement is increasing contributions and managing contributions for a couple’s best interests.
Our submission also calls on ASIC to be more active in promoting the benefits of intra-fund advice, noting that the value of this service has not been fully or consistently realised. Increasing consumer awareness and understanding about advice through factual pre-retirement information would also provide additional consumer protections.
Other recommendations include that:
On the topic of digital advice, our submission acknowledges the potential of this form of advice but warns ASIC to be vigilant in ensuring consumer interests are adequately protected amid a surge of opportunistic marketing in this area.
APRA has commenced a second round of consultation on revisions to Prudential Standard SPS 250 Insurance in Superannuation.
APRA sent a letter to trustees and has released a new draft prudential standard for further consultation, incorporating revised wording aimed at clarifying some of the revised requirements of SPS250. Submissions are due by 5 March 2021.
The new draft standard contains the following amendments since November 2019:
APRA has also released for consultation an updated version of Prudential Practice Guide SPG 250 Insurance in Superannuation (SPG 250), which contains further guidance on the new proposed requirements.
The proposed changes to SPS 250 – first released in November 2019 - are aimed at improving superannuation member outcomes by helping trustees select the most appropriate insurance policies for their members, and monitor their ongoing relationships with insurers.
The key changes to the standard address two recommendations from the financial services Royal Commission and reflect Government recommendations that trustees make it easier for members to opt-out of insurance and ensure that premiums don’t inappropriately erode members’ retirement income.
Draft SPG 250 includes the following key amendments (compared to the July 2013 published version):
AIST is holding a roundtable webinar discussion next week to provide operational staff across our member funds with the opportunity to share and discuss their experiences and insights in finalizing key aspects of the new ‘member outcome’ requirements.
This free member-only session will focus on the first Member Outcomes Assessment (MOA) – to be completed by 28 February and published within 28 days after that - and the first Business Performance Review (BPR) required under SPS515.
The session will discuss:
To attend this session - be held 10.30 to 12 pm on Thursday 28 January – AIST members can register via our online portal. You will receive confirmation of your registration and your login details on the day of the event.
The current status of superannuation Bills currently before Parliament can be found here.