POWERED BY MOMENTUM MEDIA
ASIC presses for shorter super IDR timeframes
Superannuation funds may find the timeframes around internal dispute resolution (IDR) being halved under an agenda being pursued by the Australian Securities and Investments Commission (ASIC).
ASIC has used a further submission to the Parliamentary Committee reviewing the life insurance industry to argue for the tighter timeframes, adding that it is something it is already pressing with the Government.
"On the issue of IDR timeframes, in this submission, we propose that the Government consider whether the IDR timeframe for superannuation claims-related disputes (90 days legislative timeframe) should be more closely aligned with the 45 day timeframe in ASIC's Regulatory Guide 165," the submission said.
RG 165 covers internal and external dispute resolution for disputes about claims that are not related to superannuation.
The ASIC submission said that it was also aware of some issues relating to trustees' communication with consumers around the handling of death benefits.
"In particular, trustees may not always be providing written reasons for decisions in relation to death benefit complaints," it said.
"The provision of adequate written reasons for decisions in relation to complaints is essential for a consumer deciding whether to pursue a matter through EDR."
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
