Hostplus has today published its inaugural Service Standards Report in an industry first aimed at improving transparency and accountability for its members.
David Elia, Hostplus Chief Executive Officer, said the independently reviewed report provided a clear and comprehensive view of the volume, speed, and outcomes of Hostplus’ service delivery across a range of dimensions.
“From acceptance rates to processing times, we’re sharing this data voluntarily and on a regular basis because we believe transparency is key to earning and maintaining the trust of our members,” Mr Elia said.
As the first fund to publish such comprehensive data, Mr Elia said Hostplus was aiming to set a new benchmark for the industry.
“Publishing this information ensures our members have the information they need to hold us accountable, just as we hold ourselves accountable to them.
“We are proud to be the first fund to make this information easily accessible to our members, but we hope we won’t be the last.”
The publication of the report comes as the Fund doubled down on calls for an industry code of conduct.
Mr Elia said the introduction of a mandatory industry code, guided by the regulators, would set clear expectations and remove uncertainty for superfunds and their members.
“We strongly support the development of a robust industry code of conduct to ensure all funds meet the high standards of service and effectiveness that hardworking Australians deserve,” Mr Elia said.
“How are members supposed to know what good looks like when there is no benchmark for what is acceptable?
“At the same time, how can funds exceed expectations when there is no established standard to guide them?”
Mr Elia said a code of conduct would support a sharpened focus on member outcomes beyond individual funds.
“A mandatory code of conduct puts everyone on notice and serves to uplift the performance of the entire industry when it comes to service standards,” he said.
“A code would make consistent and high-quality service a standard feature of every interaction with the superannuation system.”
The Service Standards Report is available on the Hostplus website here and will be updated quarterly.