Lost Member and Unclaimed Money processing requires superannuation trustees to identify members who meet specific criteria and either report or transfer the member account balances to the Australian Taxation Office (ATO) twice per year. The underlying intent of each regime is to provide the opportunity for members to be reunited with their superannuation in situations where there is a risk this may not otherwise occur.
Read MoreIt has been over a year since the new Internal Dispute Resolution (IDR) came into force for Australian Financial Services and Credit licensees. This reform, in the form of Regulatory Guide 271 has changed the way in which complaints are required to be identified and managed. In this article, we summarise the main requirements and identify some key considerations for licensees to ensure preparedness for the IDR reporting regime.
Read MoreThe Australian Financial Complaints Authority will replace the Superannuation Complaints Tribunal; the Financial Ombudsman Service (FOS); and the Credit and Investments Ombudsman (CIO), no later than 1 November 2018.
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