The chief ombudsman of the Financial Ombudsman Service (FOS) and the current chair of the Superannuation Complaints (SCT) have been appointed to the expert panel which will help oversee the transition to a one stop shop Australian Financial Complaints Authority (AFCA).
The Minister for Revenue and Financial Services, Kelly O’Dwyer announced today that Shane Tregellis and Helen Davis would be on the expert reference panel chaired by former Assistant Governor of the Reserve Bank, Malcolm Edey alongside specialist lawyer, John Berrill and the director of Self Employed Australia, Robin Buckham.
The Turnbull Government welcomes the establishment of an expert reference panel to the assist the transition team to the one-stop-shop dispute resolution scheme, the Australian Financial Complaints Authority (AFCA).
O’Dwyer said the expert panel would help guide transition team overseen by Edey and that invitations to serve on the panel had been issued to all three existing external dispute resolution bodies as well as a consumer and small business representative.
“It is important that the AFCA transition team draw on existing dispute resolution expertise and a wide range of views, to make sure the AFCA is fit for purpose and meets the needs of consumers, small business and industry,” O’Dwyer said.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
Add new comment