Australia’s largest superannuation fund has been slammed on social media as some customers are still unable to access their accounts two months after a system upgrade.
The fund called AustralianSuper, which boasts close to 3 million members, launched a new digital platform in mid November including changes to its online member portal and phone app.
But AustralianSuper, which holds around $258 billion in member’s money, has been forced to apologise due to issues with the upgrade including customers being unable to log into their accounts and at least four or five unplanned outages.
Angry members have taken to social media to air their frustrations about the tech issues plaguing the super fund describing them as a complete “stuff up”.
“I can’t understand how the new portal is still not fully working, members are still unable to access their accounts. How has CEO still got his job. Absolute debacle,” wrote one man.
“We are still unable to access our accounts despite numerous phone calls to Australian Super over the past two months,” another woman shared.
Many spoke about being “disillusioned” with the lack of information from AustralianSuper, while others had also complained about long wait times to access any help from the phone lines or web chat.
“I wish to lodge a formal complaint. I cannot access my Member Direct account & have been unable adjust my investments. This has cost me almost $50k so far, despite numerous chat sessions with invisible support staff,” wrote one man.
“My son has been trying to register for days now and still cannot do it. He is starting to wonder if he needs to go to someone else for his super as this is way too hard,” added one dad.
In particular “choice” accounts and the member direct option, which is a self managed system that allows members to control their own money, appear to have been affected by log in issues.
AustralianSuper said issues impacting some members’ ability to log in have been resolved, with most members now able to log in and transact.
“We know that some issues have emerged that have impacted a small number of members. AustralianSuper apologises to affected members and is working to resolve the remaining issues as quickly as possible,” a spokesman said.
“For members affected, the fund has processes in place for them to access and transact on their account. We understand that this is frustrating for affected members and would like to reassure all members that their information and account is secure.”
It comes as a review of superannuation funds released by the Australian Securities and Investments Commission in December revealed some funds did not have adequate systems in place to manage and resolve disputes.
“Superannuation fund members have a right to make complaints to their fund and to expect their complaints to be handled fairly and in a timely manner. Yet, our review found trustees have fallen short,’ said ASIC commissioner Danielle Press.
“We saw examples of trustees’ failure to comply with fundamental obligations, which could lead to poor outcomes, such as consumers abandoning a complaint rather than seeing it through.
“While a few trustees did the right thing, in many cases there were serious deficiencies in trustees’ dispute resolution processes and how they monitored and responded to complaints.”