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
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
AMP has made its first foray into bitcoin, confirming a modest allocation to the cryptocurrency, according to its senior portfolio manager.
Fund returns bounced back in November following a subdued October, with SuperRatings reporting 2.4 per cent return for the median balanced option.
Law firm Maurice Blackburn has announced it has reached a settlement with MLC over a class action alleging delays in transferring members to MySuper products.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 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?