ASIC gives super funds blunt warning on complaint handling
Regulator finds funds failing members, warns legal action possible
Australia's corporate regulator has warned superannuation funds they could face legal action if they do not step up, following a review of 45 trustees covering $1.6 trillion in benefits for more than 12.8 million members. Commissioner Simone Constant said that when trustees fail to learn from complaints, small problems left unidentified could snowball into widespread failures and erode trust in the system.