While almost all financial planning organisations have signed up to the new Australian Financial Complaints Authority (AFCA), many superannuation funds appear to be dragging their feet.
The Australian Securities and Investments Commission (ASIC) has revealed that almost all Financial Ombudsman Scheme (FOS) members which include financial planning firms had effectively transferred their membership to AFCA.
However, it noted that about 80 per cent of members of the Credit and Investments Ombudsman Scheme and about 64 per cent of superannuation trustees and retirement savings accounts providers had also joined up.
ASIC confirmed the status of the organisations which had signed up to AFCA while announcing it had approved the AFCA Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA).
Firms are statutorily obliged to join the AFCA scheme by 21 September.
The superannuation industry was broadly opposed to having the Superannuation Complaints Tribunal (SCT) wound down with its functions being included with the AFCA framework.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Brighter Super is considerably scaling down the investment options it offers members in order to reduce costs.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
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