The Superannuation Complaints Tribunal (SCT) has reinforced that it will continue operate to resolve existing complaints even after the Federal Government has established the new Australian Financial Complaints Authority (AFCA).
SCT chair, Helen Davis made clear the tribunal’s focus on fulfilling its mandate in a statement responding to last week’s Budget confirmation that the Government would be moving to establish and single financial services ombudsman in the form of AFCA
Davis said the SCT would continue to work with the government and stakeholders regarding the recommendations and transition considerations to the new arrangements.
"The SCT looks forward to continued engagement in the process to ensure continuity of service and a smooth transition from one service to the other, with consumers knowing what to expect,” she said. "A key concern will be to ensure that the new dispute resolution scheme is as strong as it can possibly be for superannuation, with enforceability of determinations, powers to obtain relevant information and maintenance of consumer protection paramount."
Davis said it was proposed that the SCT would continue operating after the introduction of the AFCA to ensure that complaints lodged prior to its introduction are finalised.
"We’d like to reassure our current complainants and anyone thinking of bringing a complaint to us that the SCT is open for business," she said.