SCT funding boost justified, welcomed

The superannuation sector has broadly welcomed the Government's increased funding of the Superannuation Complaints Tribunal (SCT) to help it overcome a backlog of cases.

While there were mixed responses to the Government's increased funding to the Australian Securities and Investments Commission (ASIC) as being preferable to the calling of a Royal Commission into the banking and financial services industry, there was broader acknowledgement of the need to speed up outcomes from the SCT.

Both the Association of Superannuation funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) welcomed the improved SCT funding, with AIST chief executive, Tom Garcia saying the tribunal played an important role in ensuring consumers had an appropriate dispute resolution service.

"We need to ensure its operations remain efficient and well-resourced," he said.

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ASFA chief executive, Pauline Vamos said the SCT was of critical importance to Australian Prudential Regulation Authority (APRA)-regulated superannuation funds and their members.

"Future funding needs to reflect the rise in time taken to resolve complaints due to the complexity of issues and increasing numbers of those registering a beneficial interest," she said.