Not unlike the experience of the Superannuation Complaints Tribunal (SCT) the majority of complaints dealt with by the Australian Financial Complaints Authority (AFCA) have been around account administration.
The latest data released by the AFCA reveals that account administration headed the list of issues dealt with at 49.7%, followed by group life insurance issues (37.6%) and superannuation death benefits distribution at 11.3%.
The AFCA data pointed to 2,220 superannuation complaints having been progressed, with 1,813 having been closed for the period.
Hardly surprisingly, the larger the organisation the more complaints it appeared to receive, with AustralianSuper topping the list, followed by REST, then AMP Super, Nulis Nominees and BT Funds Management.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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