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AIST backs retention of SCT
The Australian Institute of Superannuation Trustees (AIST) has added its weight to the retention of the Superannuation Complaints Tribunal (SCT) as the primary external dispute resolution (EDR) system for the superannuation industry, albeit that it sees some benefit in a separate "triage" arrangements.
In its submission to the current Government review of financial services EDR arrangements the AIST has firmly backed the efficacy of the SCT, while noting its shortcomings in terms of funding and workloads.
The submission makes the point that the AIST has long been a supporter of the SCT, noting that as an independent statutory body with superannuation expertise it provides a "highly valued free service to complainants".
It said on this basis it did not believe the SCT required additional layers of oversight and that the legislative backing of the SCT positively contributed to the legal and regulatory framework.
However, it said that increased funding was required to service the needs of complainants and the growth in the superannuation system and suggested that if the SCT's resourcing continued to be derived from the APRA levy, it should go directly to the tribunal on the basis of consultation with industry.
"While both the Financial Ombudsman Service (FOS) and the SCT provide consumers with an avenue to resolve complaints, there is scope for improvement in areas such as jurisdiction and consumer awareness," the submission said.
"There are a number of overlapping areas between FOS and the SCT, particularly in regards to jurisdiction, which is causing consumer confusion and it is in the interest of consumers that these be addressed."
The AIST submission said it was not opposed to the establishment of a complaints handling triage service, or a single dispute handling body however it stipulated that this support was subject to a number of qualifications around the maintenance of appropriate expertise and funding issues.
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