AFCA lists Top 30 super funds receiving complaints
Some of Australia’s largest superannuation funds sit atop the list of those most complained about with the Australian Financial Complaints Authority (AFCA) providing a list of the top 30.
The list, covering the period between the 2021 financial year to last financial year is topped by AustralianSuper, HostPlus, AMP, BT and REST but, just as importantly, AFCA provided another list reflecting the ratio of complaints received by funds per 10,000 members which saw Qantas Super at the top of the list, followed by BT, CBA Officers Super, TWUSuper and Equity Trustees.
AFCA also provided a list of super funds who topped non-response rates with respect to complaints and this was topped by TWUSuper, SPSL Limited, Equity Trustees and NGS Super.
The AFCA data provided to the Senate Economics Committee also reinforced the issue of delays in claims handling by superannuation funds and superannuation funds noting that in the it was the top issued raised.
It said that in the 2022/23 financial year complaints relating to delayed clams handling increased by 136%.
“These complaints mainly relate to total and permanent disability (TPD) and income protection (IP) claims it said.
“However, AFCA also received increasing numbers of complaints about delays with the finalisation and payment of death benefits,” it said.
12 industry funds…. what is going to happen if they can give fee for no service financial advice with no rules, just call it was simple = problem solved no. nudge the client to do what we want and then say it was their idea.
Australian Super is far and away the most complained about super fund. More than three times the next worst. Any adviser who doesn’t take this into account when recommending clients retain or switch to Australian Super are in danger of breaching the Best Interest Duty and Code of Ethics.
The ‘big 5’, Aussie super, Hostplus, etc have many millions of members between them. So a more accurate apples to apples view is complaints per 10k members. On that view your BFI argument doesn’t really stack up.