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ASIC urged to use ATO and super to reunite unclaimed remediation monies


“For superannuation funds, an alternative option is for any unpaid money to be instead paid to the ATO so that it can be reunited with the consumer’s active superannuation fund account,” the ASFA has told ASIC.
The superannuation funds also signalled their resistance to fund trustees to be distracted and have costs imposed to compensate clients for small amounts, and therefore signalled its opposition to any removal of the broad low-value compensation threshold of $20.
“ASFA does not support the removal of the broad low‐value compensation threshold of $20. As the current RG 256 notes, paying compensation to clients can require significant effort on the part of the licensee,” it said. “Requiring licensees to incur significant compliance and administrative costs in an effort to pay consumers compensation amounts as low as $1 would not be, in ASFA’s view, the best use of resources.”  ....

Australian Charities , Australian Taxation Office , Association For Superannuation Funds Of Australia , Investments Commission , Australian Securities , Consumer Remediation , Superannuation Funds , ஆஸ்திரேலிய தொண்டு நிறுவனங்கள் , ஆஸ்திரேலிய வரிவிதிப்பு அலுவலகம் , சங்கம் க்கு சுப்பெறன்ணுஅதிோன் நிதி ஆஃப் ஆஸ்திரேலியா , முதலீடுகள் தரகு , ஆஸ்திரேலிய பத்திரங்கள் , நுகர்வோர் பரிகாரம் , சுப்பெறன்ணுஅதிோன் நிதி ,