POWERED BY MOMENTUM MEDIA
ASIC queried on SCT funding
Serious questions have been raised about the level of funding provided to the Superannuation Complaints Tribunal (SCT) with a key industry body claiming the tribunal has been hampered by under-resourcing.
In a submission to the Treasury on the proposed industry funding model for the Australian Securities and Investments Commission (ASIC), the Association of Superannuation Funds of Australia has stated, "the level of funding provided to the SCT on an ongoing basis has not been adequate to ensure that it can deal effectively with the volume of complaints received within an appropriate timeframe".
The submission said this shortfall in ongoing funding had had the tendency to cause a ‘backlog' of unresolved complaints, which must then be addressed via additional funding allocations as part of the Budget process (most recently in the 2016‐17 Commonwealth Budget).
The ASFA submission said that notwithstanding the current review of external dispute resolution (EDR) arrangements covering the financial services industry (the Ramsay Review), "the industry's concerns regarding deficiencies in the transparency and accountability of the SCT's funding" needed to be addressed.
It said that, in particular, it was not clear how much of the financial services levy was being directed to the SCT by ASIC.
"... it is not clear how much of the FISL is currently collected on behalf of ASIC for disbursement to cover costs of operating the SCT, nor how much ASIC disburses for that purpose (this data is not disclosed in the most recent Industry Levies Proposal or the most recent Cost Recovery Implementation Statement)," the submission said.
Recommended for you
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
Qantas Super has officially merged with ART over the weekend, with its CEO describing the “bittersweet” decision as being in the best financial interests of its members.
The super sector has apologised and vowed to fix widespread delays, poor service, and systemic failures in processing death benefit claims, following an ASIC review.
Long-term investors face a critical decision – stay the course or pivot, says leading economist Shane Oliver.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
