With the old Superannuation Complaints Tribunal (SCT) due to cease operations on 31 December, the Australian Financial Complaints Authority (AFCA) is proposing to handle any of the Tribunal’s unfinished business.
AFCA has announced that it will be consulting the industry on its proposals to handle the SCT’s unfinished business and will be seeking submissions seeking the views of the industry on the arrangements.
To achieve its objective, AFCA is proposing to amend its rules to allow it to consider any remaining complaints currently with the SCT that the Tribunal will be unable to finalise before it ceases operations.
The amendment also proposes to allow AFCA to consider any matters that are before the Federal Court on appeal from the SCT that are not finalised prior to SCT ceasing operations and require remittal back to be determined again or finalised in accordance with the Court’s decisions.
AFCA said that subject to the submissions and the approval of the Australian Securities and Investments Commission (ASIC) it anticipated having the new arrangements in place by January, next year.