BT has previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code). The Code had been scheduled to come into effect on 1 January 2022. Since the development of the Voluntary Code, the majority of the requirements in the Code have been overtaken by legislative and regulatory reforms. In particular, the Protecting Your Super and Putting Members’ Interests’ First legislative packages made substantial sections of the Code redundant.
For this reason, the Code Owners announced on 1 July 2021 to replace the Voluntary Code. You can see that announcement here (PDF file).
Guidance on issues not covered by legislation, including on improving outcomes for vulnerable members and claims handling for members with insurance in superannuation, has been jointly developed by the Code Owners.
BT is committed to upholding consumer protections with respect to claims handling and vulnerable consumers and we will consider this guidance in our interactions with members.
Importantly, the now redundant aspects of the Code have been, or will be, adopted by BT as a result of the relevant legislative and regulatory changes and we will provide updates on our plan to adopt the guidance for superannuation trustees and implement the new standards in the coming months.
Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).