The Australian Securities and Investments Commission (ASIC) has updated the complaints process for trustee companies to give trustees a longer period of time to deal with complaints internally.
From 1 January 2012, traditional services businesses will have a maximum of 90 days to deal with complaints at an internal dispute resolution (IDR) level.
Within this timeframe, trustee companies must give a final response or give reason for the delay and outline the complainant’s right to use an approved external dispute resolution (EDR) system, such as the Financial Ombudsman Service.
According to ASIC, this longer timeframe will enable traditional services businesses to identify and contact other beneficiaries who may have an interest in the outcome of the complaint at IDR.
The changes to EDR schemes include a cap on the value of the claim and the maximum award compensation.
From January 2012, schemes must handle a complaint if the value is less than $500,000 and schemes may award compensation up to $280,000.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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