The Australian Securities and Investments Commission says superannuation trustees need to continue to focus on improving the life insurance they provide their members.
A 2022 review by ASIC review has highlighted areas where trustees should be making meaningful improvements to deliver better member outcomes.
ASIC examined actions taken by a sample of 15 superannuation trustees to enhance their life insurance arrangements and looked at whether trustees had made progress in addressing the issues raised by ASIC in various public communications since 2019, and were meeting new regulatory obligations.
The review noted some progress, however also recognised the trustees have not made sufficient effort in all areas, and ASIC has written individually to the trustees involved in the review to provide detailed feedback.