Industry demands detail of SCT wind-down

Australia’s two major superannuation representative organisations want greater detail from the Government on how it intends to fund the Superannuation Complaints Tribunal (SCT) until it is wound up on 1 July 2020.

Both the Australian Institute of Superannuation Trustees (AIST) and the Association of Superannuation Funds of Australia (ASFA) have used submissions to the Treasury to urge the delivery of greater detail around SCT funding.

The two organisations have sought particular detail around whether additional funding will be provided to the Tribunal to ensure it clears its caseload by the deadline on 1 July 2020.

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The SCT executive has been part of a modelling exercise involving the Treasury, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to determine what is required to help it clear its caseload.

The AIST’s submission to the Treasury noted that the SCT would be wound down and no longer in operation from 1 July 2020.

“AIST queries how this will be managed moving forward and believe that more information should be provided regarding this,” the submission said.

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