Grievances lodged with the financial complaints watchdog about superannuation funds rose 32 per cent past financial year, givingof more regulation if the $3.5 trillion industry does not sharpen its act.
Former truck driver Christian Jensen had to apply for two hardship variations on his mortgage thanks to delays from his super fund.Financial Services Minister Stephen Jones said on Wednesday that the government would consider further regulation of the sector if it did not drastically improve its customer service and retirement advice, building on days of pressure on funds to do better.
“ has been pretty poor. I think they need to be able to talk to their customers, or in my case, their solicitors.” He said that funds should face tougher timelines to respond to complaints and process claims would help – they currently have 45 days to respond to complaints, for example, compared to 30 for other financial institutions – and that the prudential regulator should publish lists of wrongdoers as it already does for the insurance sector.
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