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ARTICLE · 02 DECEMBER 2020

Superannuation monthly update – Regulator updates, Legislation, Cases and other recent developments

Holding Redlich
Holding Redlich
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This update links to recent regulator developments, legislation and cases relating to superannuation in Australia.

AustraliaFinance and Banking
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Regulator updates

AFCA proposes new rule changes to the Superannuation Complaints Tribunal prior to it ceasing operations on 31 December 2020. (4 November 2020)

The rules are to ensure that once the Superannuation Complaints Tribunal (SCT) ceases operations on 31 December, all unresolved complaints can be transferred to AFCA so that they may be continued. Trustees should take note that:

  • since 1 November 2018, ASFA undertakes all new superannuation complaints as part of its main role as SCT prepares to cease operation on 31 December
  • on 31 December, all ongoing SCT complaints that have not been resolved will be handed to AFCA
  • the transfer of complaints will see each complaint enter the AFCA's dispute resolution process at the stage most comparable to where it was at the SCT

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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