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Super complaints to banking royal commission outpace financial …

Single biggest source

“This ne to be considered in context. There are around 15 million Australians with superannuation and the royal commission received 70 submissions from the public about superannuation. Based on the information provided by the commissioner, it appears the bulk of submissions received relate to matters other than super,” said an ASFA spokeswoman.

“Given the inclusion of superannuation in the royal commission, it is reasonable to expect that some submissions would relate to superannuation.”

The 2016-17 annual report of the Superannuation Complaints Commission showed that of the 1376 complaints received by the body, disputes over death benefit distributions were the single biggest source, with 409 complaints. The next biggest source of complaints was deductions of life insurance premiums. Other common complaints made to the SCT include disputes over the size of permanent disability claims, failure to pay claims, account balances, fees and charges and the length of time taken for disability insurance claims to be paid out.

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