POWERED BY MOMENTUM MEDIA
SCT no place for distress or damages
The Superannuation Complaints Tribunal (SCT) has reaffirmed that it does not have the power to award damages or compensation for distress.
The SCT made the determination (D16-17\142) after a superannuation fund was ordered by the tribunal to pay $200,000 to a deceased member’s wife who then returned to the tribunal seeking nearly $79,000 in damages for ongoing distress.
In rejecting the claim, the tribunal noted that the superannuation fund had complied with the SCT’s earlier determination and had paid the complainant $200,000 and noted that “the trustee was required to do no more than comply with the determination made by the tribunal”.
The determination then went on to note: “The tribunal is not a court and it derives its power from the Complaints Act. There are no express provisions under the Complaints Act that empower the tribunal to award compensation for distress or personal damages, nor does the tribunal have power to direct a trustee or other decision-maker who has been joined as a party to a complaint, to pay a complainant’s costs, out of pocket expenses or interest”.
The SCT determination reinforced that, under the Complaints Act, it could only exercise its power to place the complainant as nearly as practicable to the position they would have been in but for the unfairness or unreasonableness they suffered.
It said that if the complainant had been unhappy with its determination directing the superannuation fund to pay her $200,000 she should have exercised her right of appeal to the Federal Court.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
