POWERED BY MOMENTUM MEDIA
SCT should remain independent, says Vamos
The Superannuation Complaints Tribunal (SCT) should remain independent from Government and the regulators, according to Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos.
Speaking at a Super Review breakfast event this morning, Vamos said that while there was a regulatory gap in the case of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), the SCT as a consumer representative body should remain a separate entity.
Vamos said that between the Financial Ombudsman Service and the SCT, the dispute resolution process had become “murky” but that, despite a Senate enquiry, the process should not involve the regulators.
“I have a view that a dispute resolution process for consumers must be as independent as possible from the regulator - they’re different roles,” she said.
Vamos said however that the superannuation industry was required to adhere to the requirements of two regulatory bodies, which was not only onerous but included a lot of overlap.
Super funds had different disclosure requirements and paid multiple levies, creating duplication in the system which needed to be assessed.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
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(%)
