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Australians spend decades building their superannuation. Apparently, getting an answer to a complaint can feel like another long-term investment.
Corporate watchdog ASIC is warning super funds they could face legal action if they fail to improve how they handle complaints and fix underlying problems.
Its review covered 45 superannuation trustees, representing more than 12.8 million members and $1.6 trillion in benefits.
That’s a lot of money for customer service that sometimes seems powered by a fax machine and someone’s out-of-office reply.
Almost a quarter of trustees weren’t regularly analysing complaints to identify systemic issues, problems that could affect multiple members. Fourteen identified no systemic issues over a two-year period.
Now, finding no problems sounds wonderful. Unless your method is simply not looking.
Meanwhile, the Australian Financial Complaints Authority received 8,755 superannuation complaints in 2025–26, up 42 per cent on the previous year.
That’s one growth figure you probably don’t want featured in the fund’s glossy annual report.
ASIC also found some trustees were blaming members for their complaints. Commissioner Simone Constant’s response was blunt: “Blaming the customer is not a complaints strategy.”
There goes the proposed customer service slogan: “Your money. Your future. Somehow, your fault.”
But behind the bureaucracy are serious consequences: people waiting for retirement benefits, disability insurance payments or money following a loved one’s death. These are moments when clear answers and timely decisions matter enormously.
The industry says it has been strengthening complaints processes. ASIC wants funds to take ownership, learn from complaints and fix failures before they spread.
A reasonable expectation, really.
Your retirement savings should benefit from compound interest, not compound frustration.
Craig Hill is a Brisbane-based author, journalist, teacher, business consultant and social justice campaigner. He is the General Manager of the Australian Book and Language Studio.
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