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
The regulator has fined two super funds for misleading sustainability and investment claims, citing ongoing efforts to curb greenwashing across the sector.
Super funds have extended their winning streak, with balanced options rising 1.3 per cent in October amid broad market optimism.
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
