SCT should remain independent, says Vamos

9 July 2013
| By Staff |
image
image
expand image

The Superannuation Complaints Tribunal (SCT) should remain independent from Government and the regulators, according to Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos. 

Speaking at a Super Review breakfast event this morning, Vamos said that while there was a regulatory gap in the case of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), the SCT as a consumer representative body should remain a separate entity.  

Vamos said that between the Financial Ombudsman Service and the SCT, the dispute resolution process had become “murky” but that, despite a Senate enquiry, the process should not involve the regulators. 

“I have a view that a dispute resolution process for consumers must be as independent as possible from the regulator - they’re different roles,” she said.  

Vamos said however that the superannuation industry was required to adhere to the requirements of two regulatory bodies, which was not only onerous but included a lot of overlap. 

Super funds had different disclosure requirements and paid multiple levies, creating duplication in the system which needed to be assessed. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

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 Co...

1 day 15 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 15 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 16 hours ago