The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.
The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.
AFCA has been given authority over a range of complaint areas including:
- Superannuation annuities
- Corporate, industry and retail super funds
- SMSFs (handled under investments and advice jurisdiction)
- Approved deposit funds
- Small funds
- Retirement savings accounts
- Trustees, insurers and decision makers of relevant super bodies
What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.
You can make complaints about:
- The advice you were given about a superannuation product
- Fees or costs that were incorrectly charged or calculated
- Information you weren’t given about the product including fees or costs
- Errors in the information provided to you; for example, if your benefit statements are incorrect
- Decisions your super provider has made
- Payment of a death benefit
- Giving instructions that were not followed
- Transactions that were incorrect or unauthorised