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Wednesday, 6 December 2017
Page: 9832

Senator WHISH-WILSON (Tasmania) (12:00): I will point out that the Association of Superannuation Funds of Australia is both the for-profit and the not-for-profit part of the super industry. Your government has been very critical and has brought considerable legislation before this place to try and break apart the business model of the not-for-profit industry super sector, but this organisation covers the banks and financial services as well as the not-for-profit sector. I would have thought, with a key body like ASFA, you would have at least noted and discussed with them a change to the implementation date and made sure this process wasn't rushed.

ASFA also note that they remain concerned with the indication that, where the SCT has not made a final determination on a complaint, the complainant will be able to withdraw their complaint and instead progress it via a complaint to AFCA. This raises the prospect of what they call forum shopping. It will be difficult to manage the complaints involving things such as death benefits. Given the complexity of the transition for superannuation, do you accept ASFA's criticisms in this regard?