The Superannuation Complaints Tribunal (SCT) has acknowledged it is feeling the pressure of increasing complaints resulting from volatile markets and negative returns.
However, the latest quarterly data released by the tribunal reveals that at least written complaints appear to be moderating.
Commenting on the complaints data, SCT acting chairperson Jocelyn Furlan said that the increasing complaints over the past three quarters had “placed pressure on the tribunal’s resources and has resulted in increased median times for the resolution of complaints”.
The SCT used its quarterly bulletin this week to report that written complaints during the September quarter had declined by 6 per cent, although the number of telephone enquiries had continued to rise, up 4.9 per cent compared to the previous quarter.
Furlan said the number of complaints within the jurisdiction relating to fund administration remained the largest category, representing 53.2 per cent of all complaints, and complaints about death benefit distribution had risen by 3.6 per cent during the quarter to represent 30.6 per cent of all complaints.
Furlan noted that complaints relating to disability had continued to decline and she suggested that while this might be attributable to economic factors, it also appeared that insurers and trustees were attempting to resolve most complaints without the necessity for matters to be forwarded to the SCT.
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