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Admin complaints dominate SCT work
Administration complaints dominated written complaints received by the Superannuation Complaints Tribunal (SCT) in the April quarter.
The latest SCT bulletin showed administration complaints made up 38.6 per cent of complaints received within jurisdiction, down from 41.9 per cent in the last quarter.
Death benefit complains came second at 34 per cent, up from 31.6 per cent in the last quarter, followed by disability at 22.1 per cent, up from 21.9 per cent in the last quarter.
The Tribunal received 657 written complaints in the quarter, up from 628 in the last quarter.
Of those, 376 were within jurisdiction while 281 were outside jurisdiction.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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