Against the background of last year’s Royal Commission into Misconduct in the Banking, Superannuation and the Financial Services Industry, the third Indigenous Super Summit provided a timely opportunity for the industry to come together to examine progress to date on lifting standards of superannuation service and inclusion for Indigenous members and their beneficiaries.
In preparation for the event, two surveys were conducted. One was completed by Indigenous financial counsellors and the other survey was completed by member funds of the Indigenous Super Working Group (ISWG). The findings from both surveys brought to the fore that Indigenous members continue to face significant barriers in accessing the superannuation system.
As discussed on the day of the event, these barriers are well documented and were further exposed during the Royal Commission. The evidence presented at the Commission hearings found that many Indigenous members, particularly those living in remote communities, still have to face hurdles in meeting fund identification requirements.
This is despite AUSTRAC guidance on adopting a flexible approach for Indigenous customers being in place since 2016.
The summit further explored these issues, providing delegates with a clear understanding of the next steps needed.
This report provides a summary of the presentations and workshop discussions that took place at the 2019 Summit, as well as a list of projects to be taken forward.