POWERED BY MOMENTUM MEDIA
Treasury confirms status of AFCA and SCT
The Federal Government has confirmed that the Superannuation Complaints Tribunal (SCT) will continue to operate beyond the commencement date of the new Australian Financial Complaints Authority (AFCA).
The Minister for Revenue and Financial Services, Kelly O’Dwyer confirmed that cases lodged with the SCT would not be capable of transfer to AFCA and would need to be finalised by the SCT.
Detailing the transitionary arrangements, the Treasury said the SCT would be accepting complaints up until 31 October, this year, after which complaints would be accepted by AFCA but that complaints received by the SCT would not be capable of being transferred to AFCA.
Further, the Treasury said that complaints withdrawn from the SCT would not be capable of being relodged with AFCA.
The reason for the tandem superannuation complaints arrangements, is that superannuation fund members would be at risk of losing their rights under the SCT regime if they were to be rolled into AFCA jurisdiction.
Any additional funding for the SCT to cover the transitionary period was expected to be outlined in next week’s Federal Budget.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
