The Federal Government has confirmed that the Superannuation Complaints Tribunal (SCT) will continue to operate beyond the commencement date of the new Australian Financial Complaints Authority (AFCA).
The Minister for Revenue and Financial Services, Kelly O’Dwyer confirmed that cases lodged with the SCT would not be capable of transfer to AFCA and would need to be finalised by the SCT.
Detailing the transitionary arrangements, the Treasury said the SCT would be accepting complaints up until 31 October, this year, after which complaints would be accepted by AFCA but that complaints received by the SCT would not be capable of being transferred to AFCA.
Further, the Treasury said that complaints withdrawn from the SCT would not be capable of being relodged with AFCA.
The reason for the tandem superannuation complaints arrangements, is that superannuation fund members would be at risk of losing their rights under the SCT regime if they were to be rolled into AFCA jurisdiction.
Any additional funding for the SCT to cover the transitionary period was expected to be outlined in next week’s Federal Budget.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment