POWERED BY MOMENTUM MEDIA
More time for trustee complaint resolution
The Australian Securities and Investments Commission (ASIC) has updated the complaints process for trustee companies to give trustees a longer period of time to deal with complaints internally.
From 1 January 2012, traditional services businesses will have a maximum of 90 days to deal with complaints at an internal dispute resolution (IDR) level.
Within this timeframe, trustee companies must give a final response or give reason for the delay and outline the complainant’s right to use an approved external dispute resolution (EDR) system, such as the Financial Ombudsman Service.
According to ASIC, this longer timeframe will enable traditional services businesses to identify and contact other beneficiaries who may have an interest in the outcome of the complaint at IDR.
The changes to EDR schemes include a cap on the value of the claim and the maximum award compensation.
From January 2012, schemes must handle a complaint if the value is less than $500,000 and schemes may award compensation up to $280,000.
AUTHOR
Ashleigh McIntyre
Recommended for you
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
