An ASIC-led delegation of senior executives from the government and the super industry will visit some Indigenous communities in remote South Australia to better understand obstacles to accessing superannuation.
According to a statement by the regulator, the purpose of the trip – which is part of ASIC’s Indigenous Outreach Program – is to better understand and assist the superannuation needs of Indigenous consumers in the local area.
The delegation counts representatives from a number of industry funds such as AustralianSuper, HESTA, Super SA, QSuper and Prime Super among its numbers and will visit the Anangu Pitjantjatjara Yankunytjatjara (APY) Lands and the communities of Indulkana, Mimili, Fregon, Pukatja and Amata.
During their trip from 28 May to 2 June, the industry executives will work with members of the community as well as interpreters to ensure Anangu, or Pitjantjatjara and Yankunytjatjara-speaking people, receive their superannuation entitlements.
Some challenges to accessing super encountered by local Indigenous members include difficulties in language, phone coverage and identification documents, issues which will be underscored in the outreach trip, the statement said.
ASIC deputy chair Peter Kell expressed his hopes that the trip would see superannuation services become more accessible to more Indigenous consumers.
“It shouldn't matter if you live in a remote area or if English isn't your first language – everyone should be able to easily get information about, and access to, their super,” he said.
ASIC Indigenous outreach officer Nathan Boyle added that though the industry had made some progress in improving accessibility, there is more to be done.
“This week’s outreach to the APY Lands will give the superannuation funds a first-hand appreciation of the remaining barriers Indigenous consumers may face,” Mr Boyle said.
“We look forward to participants using the experience to create innovative solutions to ensure that all Indigenous Australians are able to access and manage their superannuation entitlements.”
ASIC partnered with financial literacy education and service provider MoneyMob Talkabout as well as Indigenous financial literacy charity First Nations Foundation in organising the outreach trip.
APRA will soon be handing down new prudential standards around remuneration following the damning results of an inquiry into 36 of Australia...
EXCLUSIVE Now that he’s secured his leadership, Prime Minister Scott Morrison has a major opportunity to secure the future viability of t...
A report from prudential regulator has found that CBA is not the only institution that suffers from an ill-defined culture and hazy account...