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ASIC Warns Superannuation Trustees Over Blaming Members for Complaints
ASIC warns super trustees against blaming members for complaints, threatening enforcement action over poor complaint handling.
Key points
- ASIC examined 45 superannuation trustees and found nearly one quarter failed to regularly analyse complaints data.
- The Australian Financial Complaints Authority said superannuation complaints rose more than 40 per cent last financial year.
- ASIC said more than 60 per cent of the time, customers were blamed for complaints rather than the underlying issues.
Why it matters. Trustees that fail to address complaints could face enforcement action from ASIC, and unresolved issues could expose superannuation customers to harm and erode trust in the system.
The Australian Securities and Investments Commission (ASIC) has threatened enforcement action against superannuation trustees that blame members for customer complaints, which have surged in the sector. Commissioner Simone Constant said complaints are a "canary in the coalmine" signalling payment errors, service delays and possible fraud. Constant warned that unresolved complaints could snowball into larger failures and erode trust in the multi-trillion dollar superannuation system.
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ASIC Warns Superannuation Trustees Over Blaming Members for Complaints
The Australian Securities and Investments Commission (ASIC) has threatened enforcement action against superannuation trustees that fail to improve how they handle customer complaints. The regulator said trustees are too readily blaming problems on their members. Complaints have surged across the multitrillion-dollar superannuation sector. ASIC's warning signals that it may take formal action if trustees do not lift their standards.