Service Standards & Guidance
ASFA Service Standards and Guidance are developed in consultation with our members. They provide guides to better practice and can be tailored to meet their individual needs.
Claims Handling in Superannuation – Insurance and Health Related Claims
The ASFA Service Standard on Claims Handling in Superannuation – Insurance and Health Related Claims aims to improve the handling of insurance and related health claims within the superannuation sector. Developed in consultation with industry, the Standard provides trustees with clear guidance to support timely, transparent and consistent service for members throughout the claims process.
The Standard applies to insurance claims and certain claims for early release of superannuation benefits due to ill health. It sets expectations for trustee oversight, communication, and coordination with insurers and administrators to ensure an efficient and accountable approach to claims handling.
Death Benefit Payments
The ASFA Service Standards on Death Benefit Payments and complementary Policy Proposals aim to improve the handling of death benefits within the superannuation industry. Developed in collaboration with industry, the Service Standard provides trustees with clear guidelines to enhance communication, service and support for members and potential beneficiaries during the death benefit process.
The Policy Proposals are designed to improve the efficiency of death benefit nomination and payment processes and ensure there are no unintended consequences for members and beneficiaries.
Developing a Vulnerable Member Policy
The guidance is designed to help trustees deliver better outcomes for members, particularly in moments of vulnerability.
Guidance Note Withdrawals Due to Severe Financial Hardship
This document provides trustees with guidance on handling severe financial hardship withdrawal applications. Developed in partnership with the First Nations Foundation, it is designed to support consistent, culturally safe and accessible practices across the superannuation sector. The guidance includes a standardised form for severe financial hardship applications, a standardised process for severe financial hardship applications and a FAQs document to support trustees with implementation.
Financial Accountability Regime Lessons from UK enforcement cases
Developed in partnership with Deloitte, this paper unpacks UK enforcement cases to offer practical lessons for super funds preparing for the Financial Accountability Regime.
CPS 230 Material Service Provider Management
ASFA and EY have developed a guidance note to assist in complying with material service provider management obligations under APRA Prudential Standard CPS 230 Operational Risk Management.
ASFA Cyber Security Toolkit
Developed under ASFA’s Financial Crimes Initiative, this toolkit supports superannuation trustees and service providers in meeting evolving cyber security obligations, including under CPS 230, CPS 234, the Privacy Act 1988, and the Cyber Security Act 2024.
Design and Distribution Obligations (DDO)
Issuers and distributors of financial products must comply with the design and distribution obligations (DDO) in Part 7.8A of the Corporations Act 2001.
ASFA has developed resources to assist members comply with their DDO responsibilities:
RG 97 Industry Working Group
The RG 97 Industry Working Group (IWG) has produced a series of FAQs, available below, to assist providers in implementing ASIC’s legislative instruments and revised Regulatory Guide 97 (RG 97). The FAQs include topics that the IWG believes still require some interpretation.
As the revised RG 97 is much clearer than the previous version of RG 97, the IWG will not be issuing a revised, comprehensive, IWG Guidance document. The current IWG Guidance document, produced in 2017, can still be used by providers until they opt-in to the new RG 97 regime but, once a provider moves to the new RG 97 regime, it will no longer be relevant.
Best practice papers
ASFA’s Best Practice Papers are intended to provide superannuation funds and their service providers with information about an array of concepts, processes and methodologies to address relevant issues.
The consultative approach used to prepare Best Practice Papers, which includes contributions from industry representatives means that the findings, models and methodologies contained in them are representative of the highest (and most independent) thinking available from a diverse cross-section of the industry.
The concepts contained in Best Practice Papers provide a considered analysis of the key issues, together with sound and prudent principles that can be developed and adapted to your organisation’s particular situation. However, careful consideration should be given, including rigorous testing, before deciding whether or not to implement the processes outlined in this paper to ensure they are suitable and relevant for your particular circumstances.
ASFA has rationalised the number of Best Practice Papers it will maintain and update. A number of past papers have been withdrawn and do not appear below. Withdrawn papers are no longer considered current and should not be relied upon.
For queries in relation to ASFA’s Best Practice Papers, contact Policy via email policy@superannuation.asn.au.
