The Superannuation Complaints Tribunal lacks the budget to resolve existing complains, the organisation has told a Parliamentary committee.
A Senate committee has been conducting an inquiry into the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017. This Bill, if passed, would roll the Superannuation Complaints Tribunal (SCT) and several other financial complaint resolution bodies into the Australian Financial Complaints Authority (AFCA).
But the SCT has told the committee that it doesn’t have the funds necessary to deal with the complaints it has before merging into the AFCA.
“The SCT reiterates that the 2017- 18 budget did not provide resourcing to enable the SCT to resolve existing complaints by 30 June 2020,” says the SCT submission on the Bill.
“Based on current resource levels and complaint volumes it is estimated that if AFCA receives complaints from 1 July 2018, open complaints at the SCT will not be finalised until December 2022.”
“The SCT continues to work with the Australian Securities and Investments Commission (ASIC) and Treasury to progress a funding proposal to allow the SCT to resolve open complaints before closure of the SCT.”
“The SCT continues its commitment to work with government and stakeholders to share our superannuation complaint resolution expertise and support a smooth transition to AFCA.”