The corporate regulator says super funds are letting members down on complaints and could face legal action if they don’t lift their game. ASIC reviewed 45 trustees covering $1.6 trillion in benefits and more than 12.8 million members.
It found members were more likely to get a resolution by going to the Australian Financial Complaints Authority (AFCA) than by complaining to their fund. Super complaints at AFCA rose 42 per cent in 2025-26 to 8,755, and complaints about funds refusing to pay claims rose 80 per cent.
Close to a quarter of trustees weren’t regularly analysing complaints data for systemic problems. Of the 45 reviewed, 24 identified fewer than five systemic issues over two years, and 14 found none. ASIC called that a potential red flag rather than a sign of good performance.
Several trustees blamed members for more than 60 per cent of recorded complaint causes. ASIC commissioner Simone Constant said blaming the customer is not a complaints strategy. The industry’s Financial Services Council said funds have strengthened their complaints processes and supports efforts to fix issues quickly.
What it means for your money
If your super fund hasn’t resolved a complaint, you can take it to AFCA, which the review suggests gets better results. Keep records of your dates and correspondence, and check that your insurance and death benefit nominations are in order.
Source: ABC Business