The new Australian Financial Complaints Authority (AFCA) has replaced the Superannuation Complaints Tribunal from 1 November 2018.
According to the SCT’s statement on the changes, the SCT will continue to work with superannuation trustees for ongoing or open complaints being handled by the SCT.
From 1 November, all new superannuation complaints must now be lodged with the AFCA. If a complaint is lodged with SCT after 1 November, the complaint will be returned and the lodger will be told that the complaint must be lodged with AFCA.
The AFCA also replaces the Financial Ombudsman Service and the Credit and Investment Ombudsman.
To find out more information regarding the transition, you can view the SCT’s statement here.
You can find out everything you need to know about the AFCA, at their website: www.afca.org.au.
For any information about the SCT, you can visit their website: www.sct.org.au.
If you have a superannuation complaint you wish to make, you must act quickly as there are very strict time frames in relation to superannuation complaints.
Article by Michele Davis, Associate – Head of Succession & Elder Law, Wilson Lawyers.