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Further, the Treasury said that complaints withdrawn from the SCT would not be capable of being relodged with AFCA.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
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
96.54 3 y p.a(%)
2
DomaCom DFS Mortgage
85.26 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
