Super funds drag feet on joining AFCA

13 September 2018
| By Mike |
image
image
expand image

While almost all financial planning organisations have signed up to the new Australian Financial Complaints Authority (AFCA), many superannuation funds appear to be dragging their feet.

The Australian Securities and Investments Commission (ASIC) has revealed that almost all Financial Ombudsman Scheme (FOS) members which include financial planning firms had effectively transferred their membership to AFCA.

However, it noted that about 80 per cent of members of the Credit and Investments Ombudsman Scheme and about 64 per cent of superannuation trustees and retirement savings accounts providers had also joined up.

ASIC confirmed the status of the organisations which had signed up to AFCA while announcing it had approved the AFCA Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA).

Firms are statutorily obliged to join the AFCA scheme by 21 September.

The superannuation industry was broadly opposed to having the Superannuation Complaints Tribunal (SCT) wound down with its functions being included with the AFCA framework.

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. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months 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 ...

1 year 3 months ago

The RBA’s new monetary policy board has delivered its first rate decision....

7 hours ago

A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor....

9 hours 58 minutes ago

Qantas Super has officially merged with ART over the weekend, with its CEO describing the “bittersweet” decision as being in the best financial interests of its members....

10 hours ago

TOP PERFORMING FUNDS