Complaints for super decreased in 2H 2019

10 March 2020
| By Chris Dastoor |
image
image
expand image

New data from the Australian Financial Complaints Authority’s (AFCA’s) datacube shows a decrease of complaints in the superannuation fund trustee/adviser sector for 2H 2019.

They had received 2,787 complaints, with 880 resolved at Registration and Referral, between 1 July, 2019, to 31 December, 2019; compared to 3,223 complaints from 1 November, 2018, to 30 June, 2019.

If a complaint was unresolved at the Registration and Referral stage, it progressed to Case Management, and 1,497 of the 1,824 that progressed were closed.

In this stage, 776 were reached by agreement, 224 discontinued, 240 were found in favour of financial firms, and 34 in favour of the complainant.

The cases which remained unresolved at that stage then reached the Decision stage, which had 159 complaints, which saw 87% of outcomes ruled in favour of the financial firm and 13% in favour of the complainant.

Account administration accounted for 55.5% of complaints, while group life insurance was 29.6%.

Death benefits distribution (12.6%) and pensions (1.4%) were the other major complaint groups, with all other complaints totalling 1%.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

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 Co...

1 day ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 1 hour ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 2 hours ago