In this guide
- Super complaints increase by 32%
- Government to explore use of super for aged care
- ATO penalty unit amount increases for second time in 2023
- ASIC sues Dixon Advisory & Super Services director
- …and commences greenwashing case against Vanguard and Active Super
- Aware Super rolls out term deposits option
- APRA calls on funds to lift their retirement game
- Colonial First State’s launches new CFS Edge platform
Super complaints increase by 32%
There were 6,957 complaints about superannuation to the Australian Financial Complaints Authority (AFCA) in 2022–23, an increase of 32% on the previous year.
Of those complaints about super, there was a 136% rise in complaints about insurance claim delays, including payments for life insurance and total and permanent disability insurance claims.
“We urge fund trustees to closely track the progress of claims and to review outcomes for members,” AFCA’s chief ombudsman and CEO, David Locke, said.
“Access to this money is vital for people who have lost a loved one or are unable to work. Unnecessary delays and poor communication are distressing.”
Overall, consumers in dispute with financial firms lodged a record 96,987 complaints with AFCA, which was an increase of 34% on the previous year.
Locke said they were deeply concerned by the large volume of complaints and that it was not fair on consumers, nor good for businesses.
“We need to see a significant improvement from firms,” he said.
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