Super funds face legal warning as ASIC finds widespread complaint failures
Australian superannuation funds have been warned they could face legal action after the corporate regulator found widespread failures in how trustees identify and respond to member complaints.
ASIC’s industry-wide review covered 45 trustees managing about A$1.6 trillion for more than 12.8 million members.
The regulator found almost a quarter of trustees were not regularly analysing complaints to identify systemic issues.
More than half identified fewer than five systemic issues during a two-year period, while 14 identified none.
Complaints rise sharply
The Australian Financial Complaints Authority received 8,755 superannuation complaints in 2025-26, an increase of 42% from the previous year.
Complaints relating to funds refusing claims increased 80%.
ASIC said the financial ombudsman was identifying systemic issues from super complaints at almost twice the rate of the trustees themselves.
The regulator also criticised some funds for blaming members for complaints rather than examining whether poor communication, delays, system failures or unclear processes were contributing.
ASIC commissioner Simone Constant said trustees that failed to meet their legal responsibilities could face enforcement action.
The findings increase pressure on Australia’s A$3.4 trillion superannuation sector to improve member services as the government develops mandatory service standards.
