The Superannuation Complaints Tribunal (SCT) may be funded by Government and operate under its own legislation, the Superannuation (Resolution of Complaints) Act 1993, but it is being reviewed as an external dispute resolution (EDR) service in the same context as the Financial Ombudsman Service.
While the SCT has operated under its own legislation, it has fallen under the umbrella of the Australian Securities and Investments Commission (ASIC) for administrative/funding purposes.
The Minister for Revenue and Financial Services, Kelly O'Dwyer, on Monday released the terms of reference for the three-person independent panel tasked with reviewing the EDR framework, saying the process would have regard to: "efficiency; equity; complexity; transparency; accountability; comparability of outcomes; and regulatory costs".
The terms of reference said the review would make recommendations on:
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.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Add new comment