Any unresolved complaints with the Superannuation Complaints Tribunal (SCT) will be submitted to the Australian Securities and Investments Commission (ASIC) for approval, prior to the tribunal ceasing operations, the Australian Financial Complaints Authority (AFCA) has proposed.
AFCA said the proposal was made following a public consultation and submissions from industry and consumer bodies. It proposed changes to the rules would allow the transfer of any remaining complaints and established AFCA’s approach to any transferred complaints.
AFCA said there were a small number of complaints that might not be finalised before the SCT ceased operations on 31 December, 2020, and would need to be transferred to AFCA.
“The amendments provide that AFCA will consider any complaints transferred from the SCT under the AFCA rules that apply to superannuation complaints,” it said.
“Complaints that have not been finalised will enter AFCA’s dispute resolution process at the stage most comparable to the stage the complaint reached at the SCT.
“Additionally, the SCT will transfer the complaint files to ensure all information previously provided to the SCT is available to AFCA.”
AFCA noted that it would consider matters that were before the Federal Court on appeal from the SCT that were not finalised prior to SCT ceasing operations, and that required remittal back to be determined again or finalised in accordance with the court’s decision.
The authority said it anticipated the rules would be released in January, 2021.