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.
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.
Insurance in Superannuation
The ASFA Service Standards on Insurance in Super provides trustees with best-practice guidelines for handling insurance claims within superannuation. It aims to improve the clarity, fairness, and efficiency of the claims process, ensuring that members receive timely and transparent communication. The guidance is designed to help trustees deliver better outcomes for members, particularly in moments of vulnerability.
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.
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.
