ASIC threatens to punish super funds for ignoring member complaints
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.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Tax & super
Fetching latest articles