Industry funds push for fee overhaul as super complaints double

AFCA recently told super funds it will charge them significantly more than last year, as it has received more than twice the number of superannuation complaints than it expected.In other industries covered by AFCA, such as banking, its funding model is uncontentious, because institutions pay the cost of dealing with complaints made against them.

"Industry super funds recognise and support the critical work AFCA does to protect consumer interests and ensure a fair superannuation system. It is important there is adequate funding to ensure consumers can have complaints resolved quickly and all institutions should pay their fair share," Mr Linden said.

This is best achieved through a funding model that sees institutions that have a poor complaint track record paying more.The Hayne royal commission applied particularly ferocious scrutiny to several retail funds and how they managed the conflict between making returns for members and returns for their shareholders.

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