4 publishers · first seen Sun, 01 Nov 2026 18:00 UTC · updated Sun, 01 Nov 2026 18:01 UTC
The Australian Securities and Investments Commission (ASIC) has warned it may take enforcement action against superannuation funds that fail to improve how they handle member complaints, citing widespread shortcomings in the sector. Commissioner Simone Constant said nearly one quarter of the 45 trustees reviewed were not regularly analysing complaints to identify systemic issues, despite a more than 40 per cent rise in complaints to the Australian Financial Complaints Authority (AFCA) in the latest financial year. AFCA identified systemic issues at almost twice the rate of the funds themselves, raising concerns about accountability and customer service.
ASIC found several funds blamed members for more than 60 per cent of complaint causes, calling this approach unacceptable. The regulator highlighted cases where problems like tax-related system errors and online access failures affected thousands of members over long periods. Constant stressed that unresolved complaints could lead to serious harm and erode trust in the $3.4 trillion superannuation system, urging funds to treat complaints as early warnings of deeper issues.
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