POWERED BY MOMENTUM MEDIA
Industry funds urge AFCA to identify culprit firms
Industry funds representative body the Australian Institute of Superannuation Trustees (AIST) has urged the Australian Financial Complaints Authority (AFCA) to identify the firms about which it makes determinations while supressing the names of those making the complaints.
At the same time, the AIST called for the naming of service providers such as insurance companies if they are responsible for or have contributed to the raising of a complaint.
The AIST used a submission responding to AFCA’s consultations around rule changes to state that “consumers need to know which financial organisations have been complained about”.
Further it said that consumers needed to know which complaints ended up needing to be determined, what the complaints were about and whether they were upheld in favour of the complainant.
“This information should be published on AFCA’s website in a snapshot format for each member financial firm,” the submission said.
“AIST supports the proposal in the Consultation Paper that the name of the financial firm (s) would be published in AFCA determinations going forward. As we have previously stated, it is important that consumers are aware which financial organisations have been complained about,” it said. “We also support the non-publication of the names of other parties. It is particularly important that the name of the complainant is not published.”
“AIST appreciates that the AFCA Rules confine ‘financial firms’ to those which are AFCA members. Accordingly, the Consultation Paper - if implemented - would mean that individual people engaged within the financial firm would not be named. AIST supports this,” the submission said.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
AFCA just want it to discourage financial firms disputing their initial decisions (and therefore not going to final Determination). They are extremely behind dealing with matters and this is an underhanded way to help themselves. In the end it wont hurt firms, nor will really help consumers as I assume it will only list the Licensee?