POWERED BY MOMENTUM MEDIA
More time for trustee complaint resolution
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.
AUTHOR
Ashleigh McIntyre
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
