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Super complaints body calls for more funding

SCT- riding shotgun on your super.

SCT- riding shotgun on your super. Photo: Getty

The head of the Superannuation Complaints Tribunal, Helen Davis, has called for the super industry dispute resolution body to be given more funding.

She also called for the body to retain its independence at a time when a merger with other similar bodies is being considered in a review set up by the Commonwealth government.

Ms Davis said the compulsory nature of superannuation meant the public deserved access to a dispute resolution body with both the powers and resources to resolve their claims in a timely fashion.

“Super is mandatory and some people don’t even get to pick their provider, so it is essential they can have confidence in the system,” Ms Davis told The Australian Financial Review.

The tribunal expects to report that it has around 1500 complaints being processed, a few of which stretch back four years. Last financial year it closed 2252 and it had 100 more open cases at June 30, 2016 than a year earlier.

Ms Davis said the statistics were “not good enough” and reflected “chronic under-resourcing”.

The Superannuation Complaints Tribunal is an independent dispute resolution body which offers a free, ‘user-friendly’ alternative to the court system. It claims to be ” completely impartial” making decisions on the individual facts and merits of each complaint. It does not  act for or represent any side to a complaint.

The Tribunal deals with complaints relating to decisions and conduct of trustees, insurers, and other decision-makers in relation to regulated superannuation funds, approved deposit funds, annuities, life policy funds and retirement savings accounts.

It does not, however, have an unlimited jurisdiction to deal with all superannuation-related matters. To find out what matters the Tribunal can and can’t deal with, find out more.

 

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