POWERED BY MOMENTUM MEDIA
Future of SCT under microscope
The superannuation sector will have to argue strongly if it wants to keep the Superannuation Complaints Tribunal (SCT) under its current arrangements, as a Government review of external dispute resolution (EDR) arrangements canvasses housing it within a framework alongside the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman Scheme (CIOS).
The future of the SCT and the degree of oversight by the Australian Securities and Investments Commission (ASIC) has been placed squarely on the table in an issues paper published by the Treasury as part of the Government's review of EDR arrangements across the financial services industry.
Stakeholders have been given the opportunity to comment on the issues paper which indicated an initial preference for a one-stop-shop approach being opened for consumers and the possibility of all EDR schemes being housed within a single entity.
However, the issues paper also makes clear that there is a clear recognition that the nature of superannuation means that it needs to be treated differently because of its compulsory nature.
The issues paper directly asks stakeholders whether it should it be left for industry to determine the number and form of the financial services ombudsman schemes and whether integration of the existing arrangements is desirable.
It also canvasses the merits and limitations of further integration and whether "a ‘one-stop shop' [can] most effectively deal with the unique features of the different sectors and products of the financial system (for example, compulsory superannuation)".
It then asks what form a "one stop shop" take and whether it should take the form of a new single dispute resolution body, or as an ombudsman or statutory tribunal or a combination of both.
The issues paper asks what the jurisdictional limits of such a body should be, how it should be funded, and how it should be oversighted from a regulatory point of view.
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(%)
