Guiding principles for industry best practice

These guiding principles for industry include:

• the best interests of the member (including a super fund member, approved deposit fund (ADF) depositor or retirement savings account (RSA) holder) should be of primary concern, when applying the law and the guidelines within this document
• lost member tests should be applied at the member level, not the account level
• if a member is proven to know about their account and demonstrates this by an indication of engagement, the intent of the legislation is that they are not a lost member  
  • indications of engagement might include  
    • the member makes a decision/ undertakes an action relating to their account (for example, they defer a benefit, change their investment allocation or change their insurance)
    • the member calls you to check in (that is, no account activity is undertaken)
    • the member logs on to an online service provided by you, and views their account
    • the member proactively opts out of a service you provide, where their account membership is referenced
    • the member contacts you (for example, via phone, mail, email) to ask a question about their account's investment strategy.
• a member's individual circumstances should be considered when determining appropriate action. This might include variables such as  
  • the member's age
  • the member's account balance
  • the member's insurance status
  • the member's investment strategy
  • previous contact with the member
  • activity patterns on the member’s account.