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FSC calls for SCT dispute-handling delegations
The Superannuation Complaints Tribunal (SCT) should be allowed to delegate decision-making with respect to low quantum matters, according to the Financial Services Council (FSC).
Pointing to the time delays being experienced at the SCT, the FSC's submission to the Government's inquiry into the Financial Services External Dispute Resolution (EDR) framework urges that simple, lower value cases be fast-tracked by resorting to delegation.
"SCT decisions are limited by the availability of a small number of Government appointed Tribunal members and there is no ability to delegate decision making under the SCR Act so that simple cases and lower value cases can be fast tracked," the submission said.
"Consideration of a more extensive tiered decision making process could be undertaken with a view to ensuring that the SCT process can better manage low quantum matters in a more resource effective manner with an improved experience for all stakeholders."
The submission said that one way this could be achieved would be to give tribunal members the power to delegate their decision making power in simple cases.
"The time it is currently taking to resolve a complaint at the SCT (up to two years) is currently the biggest concern with the way the SCT operates," it said."Financial service providers (FSPs) feel that this is the result of funding issues and certainly not a reflection of the personnel at the SCT who are held in high regard."
"The FSC believes that 'modernising' the SCT and increased funding would go a long way to improving the effectiveness of the SCT as an EDR," the submission said. "The FSC would like to see both the SCT and FOS (Financial Ombudsman Service) use conciliations more regularly and at an earlier stage of a dispute. Both organisations have capable conciliators although depth could be increased."
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