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."
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.