Administration and death the focus of superannuation complaints
Administration complaints have continued to dominate the work of the Superannuation Complaints Tribunal (SCT).
In an analysis of activity for the October Quarter, SCT chair Jocelyn Furlan said administration complaints comprised the largest category of all written complaints received within jurisdiction, representing 50.9 per cent.
It said complaints relating to death benefits made up the second largest category, representing 32.4 per cent of those received, followed by disability-related complaints, making up 13.3 per cent.
While administration complaints dominated matters referred to the SCT, the tribunal spent most of his time dealing with death benefit issues.
AUTHOR
Mike Taylor
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
