The three major lobby groups covering the superannuation industry have issued key amendments to the vulnerable members provisions within its Insurance in Superannuation Voluntary Code of Practice.
The amendments, developed by the Vulnerable Members Working Group, provide significantly greater detail about who the code covers and now include the fact that a member’s vulnerability may also be due to family violence and isolation.
The voluntary code of practice was developed by the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC).
The revisions to the vulnerable members section have now been made available to stakeholders for consultation.
Among the amendments are an undertaking to better resource staff to enable them to deal with needs of vulnerable members, including the provision of interpreters where necessary.