Complaints around superannuation fund administration continue to dominate the work of the Superannuation Complaints Tribunal (SCT), according to the latest SCT bulletin.
The bulletin, covering the September quarter, revealed that administration complaints comprised the largest category of all written complaints received within the SCT's jurisdiction representing 43.7 per cent, compared to 38.6 per cent in the previous quarter.
The SCT data revealed that death benefit complaints represented the second largest category, standing at 27.6 per cent during the September quarter, down from 34 per cent in the previous quarter.
Disability complaints were the next largest category representing 24.1 per cent of those handled, compared to 22.1 per cent in the previous quarter.
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.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.