Industry Super Australia (ISA) undertakes policy research and advocacy on behalf of over five million members of industry superannuation funds, to ensure that the policy settings for superannuation are consistent with the objective of maximising their retirement incomes.
ISA welcomes the opportunity to make this submission to AFCA.
ISA supports the proposed draft changes to Rule A.14.5 that will enable AFCA to identify financial firms in published determinations. However, ISA considers that for the disclosure to be meaningful, the following additional information should be displayed:
1. Whether AFCA found in favour of or against the financial firm and if the determination was appealed, whether the appeal was upheld.
2. Statistical information about complaints and disputes against each scheme member including complaints that go to determination and whether they were upheld in favour of the complainant. This information should be published on AFCA’s website in a snapshot format for each member financial firm.
ISA also considers that there are some operational issues which should be addressed such as identifying the operating name for the financial firm and timely publication of determinations.
We elaborate in the report below.