Members in focus: understanding FSC Standard No. 28 

From January this year, the Financial Services Council (FSC) put in place new enforceable standard, No. 28 (the Standard) on claims handling for superannuation funds. We spoke with TAL General Manager Group Claims, Chris Healey and Head of Industry and Enterprise Solutions, George Nafpliotis to get their thoughts on what this means for funds. So, before we jump into the technical side, let’s recap on what the new standard is all about. Put simply, it replaces previous voluntary guidance and sets out the minimum level of service members should expect from their super fund when making a life insurance claim.

Which funds are affected?

It’s important to remember that the standard doesn’t apply across the board. “The Standard only applies to FSC superannuation members who are trustees holding a public offer or extended public offer license to operate a Registerable Superannuation Entity under the provisions of the Superannuation Industry (Supervision) Act 1993. Although the onus is on individual FSC trustee members to ensure they meet their obligations under the Standard and insurers are obligated under the FSC Life Insurance Code of Practice, the collaboration between the trustee and insurer is essential to a great member experience overall,” said George Nafpliotis.

How do we support member experience?

Although the Standard doesn’t apply directly to insurers, we’re always supportive of any industry standard or guidance that ensures members are at the centre of everything we do.“We ensure all processes, people and systems are in place to provide members with an optimal claims journey experience,” said Chris Healey. “We’re always here to help should a trustee need support to ensure they meet the Standard, providing a seamless member experience between TAL and the trustee during claims handling.”

Find out more

If you’d like to find out more about the Standard and what it means for your fund, we’ve put together a handy reference guide or get in touch with your Client Manager. You can also access a copy of the new FSC Standard No. 28 Claims Handling Standard for Superannuation Funds here.

For further information on how TAL can assist with your regulatory compliance, please speak to your Client Manager.