POWERED BY MOMENTUM MEDIA
SCT funding boost justified, welcomed
The superannuation sector has broadly welcomed the Government's increased funding of the Superannuation Complaints Tribunal (SCT) to help it overcome a backlog of cases.
While there were mixed responses to the Government's increased funding to the Australian Securities and Investments Commission (ASIC) as being preferable to the calling of a Royal Commission into the banking and financial services industry, there was broader acknowledgement of the need to speed up outcomes from the SCT.
Both the Association of Superannuation funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) welcomed the improved SCT funding, with AIST chief executive, Tom Garcia saying the tribunal played an important role in ensuring consumers had an appropriate dispute resolution service.
"We need to ensure its operations remain efficient and well-resourced," he said.
ASFA chief executive, Pauline Vamos said the SCT was of critical importance to Australian Prudential Regulation Authority (APRA)-regulated superannuation funds and their members.
"Future funding needs to reflect the rise in time taken to resolve complaints due to the complexity of issues and increasing numbers of those registering a beneficial interest," she said.
Recommended for you
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
Australian Retirement Trust (ART) is leaning on its private asset allocation to help shield members from ongoing market volatility, as its chief economist stresses the importance of long-term thinking and diversification.
AustralianSuper is poised to cement its leadership in the superannuation landscape over the next five years, with fresh research forecasting a sharp shift in the sector’s power dynamics.
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
