The Australian Financial Complaints Authority (AFCA) is inviting feedback from stakeholders on draft amendments to AFCA’s Approach to superannuation death benefits.
The consultation period runs from Monday, 7 October 2024 to Friday, 25 October 2024. AFCA values the insights of all stakeholders and encourages parties to review the documents and submit their feedback by the closing date. Once the consultation period has closed, AFCA will consider and respond to feedback received in the submissions.
The revised Approach document includes minor clarifications to AFCA’s existing guidance on handling complaints about the distribution of superannuation death benefits. These changes ensure that its methods remain clear and effective without altering the fundamental principles.
The revised Approach also includes greater detail about:
- how AFCA applies definitions of terms such as ‘dependant’ and ‘spouse’
- the circumstances in which AFCA might consider it appropriate to include adult children and legal personal representatives in distributions
- trusts for minor children, and
- how AFCA approaches cases where there has been violence or abuse in a relationship, or a claimant has been involved in the death of the fund member.
By clarifying certain aspects of the existing Approach, AFCA aims to make its processes more predictable for all parties involved, reducing the potential for disputes and misunderstandings.
AFCA Approach documents provide greater clarity around what to expect from AFCA’s processes, greater transparency about the way we investigate complaints and make decisions and help to ensure consistent outcomes for complaints. They outline how AFCA applies legal principles, industry codes, regulatory guidance and considers good industry practice when investigating and handling complaints.
For more information on the consultation and to submit feedback or a formal submission, please visit the AFCA consultation page.
