Cost of handling super complaints declines
While some other fees and charges have continued to rise across the superannuation industry, the average cost of dealing with complaints actually decreased last financial year, according to the Superannuation Complaints Tribunal (SCT).
SCT acting chairperson, Jocelyn Furlan used the SCT's annual report to the Parliament to reveal at the average cost per complaint resolved by the body had actually decreased by seven per cent from $2,650 to $2,445.
Furlan said that a total of 1,594 written complaints within the Tribunal's jurisdiction had been resolved or withdrawn — an increase of 26.1 per cent, with the number of conciliation conferences held increasing by 76.4 per cent to 748.
Her report said complaints resolved at review had more than doubled, with 270 complaints being resolved compared to 133 in 2012-13, an increase of 103 per cent.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
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(%)
