After this week's #BankingRC hearings, tell me why default (Mysuper) super shouldn't be strictly not-for-profit. Whenever profit is on the table, for-profit trustees have shown they are tempted to stick their hand into the honey pot when it clearly isn't in the members' interest
The #abc730 story on AMP appears to be a case of insurance cover lapsing despite an insurer warning the insured that would happen. Sad, yes. Misconduct? No. Insurance in super is valuable and problems should be highlighted where there has been poor behavior. This missed the mark.
Reform needed and soon. Loss ratios show group insurance is good, but need strong Super Code of Practice to ensure integrity of system. https://t.co/wDwbmKkR5n