10 August 2022 - ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns

Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues.

‘Dispute resolution is an essential part of the consumer protection framework in Australia,’ ASIC Commissioner Danielle Press said. ‘A trustee’s approach to dispute resolution is a meaningful measure of whether they are focused on the interests of their members. It also indicates the maturity of the trustee’s approach to risk. When done well, dispute resolution can benefit trustees by helping build members’ trust and confidence.

‘However, the first stage of ASIC’s surveillance about internal dispute resolution practices of trustees has identified some problem areas that need fixing. We want trustees that have fallen behind to strengthen their internal dispute resolution arrangements to make sure that member complaints are handled in an effective, fair and timely way,’ Ms Press said.

Related Learning: Complaints Handling and dispute resolution RG 271

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