AFCA (the Australian Financial Complaints Authority) has made the proposal for the transition after public consultation and submissions from industry and consumer bodies.
Since November 2018, AFCA has accepted new consumer complaints around super, taking over from its predecessor, the Superannuation Complaints Tribunal (SCT).
While the SCT no longer accepts new complaints, it has continued to work on complaints received before AFCA launched.
The proposed change to the AFCA rules will allow it to accept and consider complaints that are not resolved by the SCT before it ceases operations at the end of the year.
The SCT is said to have finalised the majority of the remaining complaints, but a number may not be finalised before it ends.
AFCA has said complaints that are not finalised will enter its dispute resolution process at the stage closest to where it reached with the SCT and all complaint files will be transferred over.
AFCA would also be able to consider any matters before the Federal Court on appeal from the SCT that are not yet finalised.
Pending ASIC approval, the complaints ombudsman anticipates the rules will be released in January next year.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
