AFCA moves to handle unfinished SCT business
With the old Superannuation Complaints Tribunal (SCT) due to cease operations on 31 December, the Australian Financial Complaints Authority (AFCA) is proposing to handle any of the Tribunal’s unfinished business.
AFCA has announced that it will be consulting the industry on its proposals to handle the SCT’s unfinished business and will be seeking submissions seeking the views of the industry on the arrangements.
To achieve its objective, AFCA is proposing to amend its rules to allow it to consider any remaining complaints currently with the SCT that the Tribunal will be unable to finalise before it ceases operations.
The amendment also proposes to allow AFCA to consider any matters that are before the Federal Court on appeal from the SCT that are not finalised prior to SCT ceasing operations and require remittal back to be determined again or finalised in accordance with the Court’s decisions.
AFCA said that subject to the submissions and the approval of the Australian Securities and Investments Commission (ASIC) it anticipated having the new arrangements in place by January, next year.
Recommended for you
Dan Farmer, chief investment officer of MLC Asset Management, has detailed how its super fund allocations have evolved and whether the fund will consider investing in bitcoin.
Australia’s superannuation capital has been positioned to play a larger role in south-east Asia’s economic development under a new government-backed deal.
Superannuation funds have become the dominant force behind Australia’s private markets boom, fuelling unprecedented growth and reshaping manager operations.
Reserve Bank governor Michele Bullock has said the central bank sees private demand picking up over the next year, taking over from public demand.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
