Industry funds push for fee overhaul as super complaints double

  • 📰 smh
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Not-for-profit superannuation funds are pushing the government’s financial dispute body to change its funding mechanism | clancyyeates

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biggest super fund vows to vote against companies with one woman boardsAustralianSuper will vote against the election of directors at more than 50 companies in the ASX200 that have just one or no women on their board | carawaters carawaters Is this disruptive action really in the interests of fund members? Do the woke board members even acknowledge their fiduciary duty?
Source: smh - 🏆 6. / 80 Read more »

Biggest super fund vows to vote against companies with one woman boardsAustralianSuper will vote against the election of directors at more than 50 companies in the ASX200 that have just one or no women on their board | carawaters carawaters Is this disruptive action really in the interests of fund members? Do the woke board members even acknowledge their fiduciary duty?
Source: smh - 🏆 6. / 80 Read more »