There needs to be greater clarity around which external dispute resolution (EDR) bodies handle issues involving financial planners employed either directly by superannuation funds or under third-party arrangements, according to AIST.
The body, representing mostly industry funds, has pointed to jurisdictional confusion around whether and when planning matters should be handled by either the Superannuation Complaints Tribunal (SCT) or the Financial Ombudsman Service (FOS).
"The question of whether a third party financial service provider's decision is subject to FOS or the SCT can be very difficult to answer, requiring an in-depth assessment of the decision itself," the AIST has said.