Backlog of super complaints develops
The Superannuation Complaints Tribunal (SCT) has acknowledged the development of a "backlog" of complaints and the need to hire additional staff to handle them.
The backlog, amounting to around 550 complaints, was acknowledged by SCT chairperson Jocelyn Furlan in the tribunal's most recent quarterly newsletter and referenced additional Government funding to help address the problem.
"Some trustees will be aware that there are a large number of complaints currently before the Tribunal that are waiting to be allocated to complaints analysts," Furlan said in the newsletter. "In May the Tribunal wrote to trustees providing them with a list of the complaints in respect to their fund(s) awaiting allocation.
"The Tribunal appreciates the efforts of trustees who have taken the opportunity to revisit the complaints and continue with their own efforts to resolve matters. To date 18 complaints have been resolved.
"The Tribunal is receiving additional Federal Government funding to deal with the build-up of complaints. There are approximately 550 complaints identified as ‘backlog'. We have recruited additional staff to form a project team who will work on these complaints," Furlan's newsletter said.
AUTHOR
Staff Writer
Recommended for you
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.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
