Administration complaints dominated those handled by the Superannuation Complaints Tribunal (SCT) in the March quarter.
The latest SCT bulletin, released this month, revealed that administration complaints comprised the largest category of all written complaints received within the SCT’s jurisdiction, representing 41.9 per cent, compared to 40.9 per cent in the previous quarter.
The next largest area of complaints received by the SCT related to death benefits, which represented 31.6 per cent, while those related to disability ran third with 21.9 per cent.
The SCT chair, Jocelyn Furlan said the Tribunal finalised 692 written complaints in the March quarter, an increase of 5.3 per cent compared to the previous quarter and that of those 9.7 per cent were finalised at review, with 51.7 per cent finalised at the inquiry and conciliation stage.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
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