While almost all financial planning organisations have signed up to the new Australian Financial Complaints Authority (AFCA), many superannuation funds appear to be dragging their feet.
The Australian Securities and Investments Commission (ASIC) has revealed that almost all Financial Ombudsman Scheme (FOS) members which include financial planning firms had effectively transferred their membership to AFCA.
However, it noted that about 80 per cent of members of the Credit and Investments Ombudsman Scheme and about 64 per cent of superannuation trustees and retirement savings accounts providers had also joined up.
ASIC confirmed the status of the organisations which had signed up to AFCA while announcing it had approved the AFCA Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA).
Firms are statutorily obliged to join the AFCA scheme by 21 September.
The superannuation industry was broadly opposed to having the Superannuation Complaints Tribunal (SCT) wound down with its functions being included with the AFCA framework.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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