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.
