Figures compiled by the Australian Financial Complaints Authority (AFCA) and the Australian Financial Review show that construction industry fund Cbus had the more complaints on a ‘per member’ basis than any other major super fund.
| Most super fund complaints | ||
|---|---|---|
| Fund name | Complaints | Complaints per 10,000 |
| Cbus | 320 | 3.49 |
| LGIA Super | 77 | 3.08 |
| Mercer | 248 | 2.92 |
| AustralianSuper | 936 | 2.88 |
| Equity Trustees | 128 | 2.55 |
| Aware | 221 | 1.85 |
| AMP | 154 | 1.63 |
| EquipSuper | 24 | 1.61 |
| HESTA | 161 | 1.57 |
| Australian Retirement Trust | 267 | 1.14 |
| Source: Australian Financial Complaints Authority (AFCA), Australian Financial Review | ||
The most common complaints are for (i) inappropriate advice, (ii) breach of the best interest duty, (iii) breach of the client agreement, (iv) poor service delivery and (v) the interpretation of product terms.