Quotes attributable to Xavier O'Halloran, Acting Director, Super Consumers Australia at CHOICE:
"Today is a great day for superannuation consumers. Millions will flow back into the hands of people rather than being eaten away by insurance premiums for policies people didn't want, need, or even know they had."
"It is an end to the blunt one-size fits all approach to insurance in super. Funds will now have to ensure they understand much more about their members so that they can provide appropriate insurance."
"We will be paying close attention to how fund trustees communicate these changes. We know that people have been left baffled by recent changes to insurance in super due to poor communications by the funds.
"We are calling on all funds to do a much better job of communicating how insurance products might meet their members needs, not to scare them into taking up worthless cover."
Super Consumers Australia thanks the Federal Government and Senate crossbenchers for their decisive action to clean up one of the most harmful practices in the superannuation industry.
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