ASIC is threatening action after identifying “significant” issues with how super funds handle member complaints, including lengthy delays and failing to tell complainants about their right to go to the Australian Financial Complaints Authority.
ASIC Commissioner Danielle Press said on Wednesday the regulator had identified “problem areas” with how funds handle member complaints, after the completion of the first stage of a surveillance exercise encompassing 35 unnamed trustees and 49,029 complaints.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
