Definition of AFCA scheme and staff member
1 Section 761A
AFCA scheme is defined as the external dispute resolution scheme for which an authorisation under Part 7.10A is in force.
AFCA staff member is defined as a director, officer or employee of AFCA or a person engaged as a consultant to, or to perform services for, AFCA.
Replace 'subsection 62(2)' with 'section 62'
10 Section 63
1050 Minister may authorise an external dispute resolution scheme
Authorise an external dispute resolution scheme
1050(1) Minister may authorise an external dispute resolution scheme
Minister must consider general considerations and other relevant matters when authorizing an external dispute resolution scheme.
1050(2) Minister may authorise an external dispute resolution scheme
Minister may authorise an external dispute resolution scheme.
Minister's consideration period is between general considerations and other relevant matters.
General considerations for an external dispute resolution scheme under section 1051A.
Minister must consider general considerations and other relevant matters.
Minister may take into account other relevant matters.
Other matter the Minister considers relevant.
Minister's consideration is recursive with general considerations and other relevant matters.
No authorisation of another external dispute resolution scheme can be in force while this one is.
1050(3) Minister may authorise an external dispute resolution scheme
This provision overlaps with other provisions regulating external dispute resolution schemes.
(3) An authorisation of an external dispute resolution scheme must not come into force...
This provision overlaps with other provisions regulating artificial intelligence in external dispute resolution schemes.
An authorisation of another external dispute resolution scheme cannot be in force.
No authorisation can be in force while another one is.
This provision is part of the diffusion of regulations regarding external dispute resolution schemes.
This provision is part of a diffusion of regulations regarding external dispute resolution schemes.
Minister may authorise an external dispute resolution scheme
1050(4) Minister may authorise an external dispute resolution scheme
(a) must specify the day the authorisation, variation or revocation comes into force; (b) may specify, vary or revoke conditions relating to the authorisation.
Specify day authorisation comes into force and conditions
1050(5) Minister may authorise an external dispute resolution scheme
Specify day authorisation comes into force
(a) must specify the day the authorisation, variation or revocation comes into force;
Specify conditions relating to authorisation
(b) may specify, vary or revoke conditions relating to the authorisation.
1051 Mandatory requirements
Organisational requirements for an external dispute resolution scheme
1051(1) Mandatory requirements
and (b) the operator requirements under subsection (3); and (c) the operational requirements under subsection (4); and (d) the compliance requirements under subsection (5).
Organisational requirements are part of mandatory requirements that apply during scheme operation
(1) The mandatory requirements for an external dispute resolution scheme are: (a) the organisational requirements under subsection (2); and
(1) The mandatory requirements for an external dispute resolution scheme are:
(a) the organisational requirements under subsection (2); and
Requires organisational requirements for scheme operation
Requires operator requirements for scheme operation
(b) the operator requirements under subsection (3); and
1051(2) Mandatory requirements
(a) the membership of the scheme is open to every entity that is required, under: Schedule 1 External dispute resolution
(2) The organisational requirements are that:
The organisational requirements are that:
General considerations for an external dispute resolution scheme
1051A General considerations
Ensure compliance with mandatory requirements
1052 Obligation to comply with mandatory requirements
1052A ASIC may issue regulatory requirements
Obligation to issue regulatory requirements
1052B Directions to increase limits on the value of claims
ASIC may give AFCA a written direction requiring the limit, or some or all of the limits, to be increased.
1052B(1) Directions to increase limits on the value of claims
ASIC cannot give a direction under this section without prior written notice to AFCA.
1052B(2) Directions to increase limits on the value of claims
AFCA has been notified at least 1 month in advance.
Prohibition of giving a direction without prior notice.
ASIC must not give a direction under this section.
Complaints prior to notice are exempt from the direction.
Prohibition of applying the direction to complaints received before notice.
A direction under this section must not apply in relation to complaints AFCA received before ASIC gives the direction.
Must comply with direction made under this section.
1052B(3) Directions to increase limits on the value of claims
ASIC may apply to the Court for an order that AFCA comply with the direction.
1052B(4) Directions to increase limits on the value of claims
ASIC has an obligation to apply for a court order.
A direction made under this section is not a legislative instrument.
1052B(5) Directions to increase limits on the value of claims
1052BA Directions to ensure sufficient financing
ASIC must give AFCA a written direction if it considers the scheme is not sufficiently financed.
1052BA(1) Directions to ensure sufficient financing
AFCA must be given a written direction within a specific timeframe
Direction is given within a specific timeframe
ASIC considers AFCA has not done all things reasonably practicable
AFCA must take steps to ensure sufficient financing
Obligation to ensure sufficient financing
Ensure sufficient financing for AFCA scheme operations
1052BA(2) Directions to ensure sufficient financing
ASIC must give AFCA written notice before issuing a direction.
1052BA(3) Directions to ensure sufficient financing
... ASIC has given AFCA written notice of at least 1 month of ASIC’s intention to issue the direction.
ASIC must not give a direction under this section unless...
... ASIC must not give a direction under this section unless...
ASIC must provide notice before issuing a direction
ASIC has given AFCA written notice of at least 1 month of ASIC’s intention to issue the direction.
ASIC knows about the intention to issue a direction
Direction can only be issued after notice period
1052C General directions to AFCA
ASIC may give AFCA a specified direction if it considers non-compliance with mandatory requirements or regulatory conditions.
1052C(1) General directions to AFCA
ASIC may revoke a direction to AFCA with written notice if it is no longer necessary or appropriate.
1052C(10) General directions to AFCA
ASIC considers that the direction is no longer necessary or appropriate.
(a) the specific measures that the direction will require AFCA to take to comply with the requirements or condition; (b) the reasons for ASIC’s intention to give the direction.
Notice must set out specific measures and reasons for direction.
1052C(2) General directions to AFCA
ASIC may give AFCA direction with reasons.
1052C(3) General directions to AFCA
The direction must deal with the time by which, or the period during which, it is to be complied with.
1052C(4) General directions to AFCA
Must deal with time by which or period during which
1052C(5) General directions to AFCA
(5) A direction made under this section is not a legislative instrument.
AFCA must comply with a direction made under this section.
1052C(6) General directions to AFCA
(6) AFCA must comply with a direction made under this section.
1052C(7) General directions to AFCA
ASIC has an obligation to apply to the Court for an order.
ASIC may vary a direction made under this section by giving written notice to AFCA.
1052C(8) General directions to AFCA
ASIC may vary a direction made under this section
ASIC can revoke the direction by giving written notice to AFCA.
1052C(9) General directions to AFCA
1052D Approval of material changes to the AFCA scheme
ASIC must approve material changes to the AFCA scheme.
1052D(1) Approval of material changes to the AFCA scheme
Approval of material changes to the AFCA scheme
1052D(2) Approval of material changes to the AFCA scheme
Consideration of material changes to the AFCA scheme
1052D(3) Approval of material changes to the AFCA scheme
1052E Referring matters to appropriate authorities
Provide particulars of contravention, breach, refusal or failure to one or more authorities.
1052E(1) Referring matters to appropriate authorities
Must provide particulars of contravention, refusal or failure to the Minister administering the relevant Act.
1052E(2) Referring matters to appropriate authorities
AFCA may refer systemic issues to APRA, ASIC or the Commissioner of Taxation.
1052E(3) Referring matters to appropriate authorities
Must provide particulars of systemic issue to one or more authorities.
1052E(4) Referring matters to appropriate authorities
Must provide particulars of systemic issue.
A person may make a complaint relating to superannuation under the AFCA scheme.
1053 When complaints relating to superannuation can be made
Persons taken to be members of regulated superannuation
1053A Persons taken to be members of regulated superannuation
1054 Power to join other parties to superannuation complaint
AFCA may join certain persons as parties to a superannuation complaint.
1054(1) Power to join other parties to superannuation complaint
AFCA must give written notice to new and existing parties after deciding a person should be a party to the complaint.
1054(2) Power to join other parties to superannuation complaint
AFCA must give written notice of decision and reasons to a person who should not be a party to the complaint.
1054(3) Power to join other parties to superannuation complaint
1054A Power to obtain information and documents
Require person to provide information or documents
1054A(1) Power to obtain information and documents
1054A(2) Power to obtain information and documents
1054B Power to require attendance at conciliation conferences
Require attendance at conciliation conferences
1054B(1) Power to require attendance at conciliation conferences
presence at conference would be conducive to settling complaint
Must fix date, time and place for conference.
1054B(2) Power to require attendance at conciliation conferences
AFCA may deal with the complaint as if it had been withdrawn by the complainant.
1054B(3) Power to require attendance at conciliation conferences
Failure to attend conciliation conference is an offence.
1054B(4) Power to require attendance at conciliation conferences
Obligation to attend conciliation conference
1054BA Power to give directions
Directions to prohibit or restrict disclosure of documents or information relating to a complaint.
1054BA(1) Power to give directions
Must consider parties' wishes and privacy when giving directions.
1054BA(2) Power to give directions
Must consider parties' wishes and privacy.
Directions may be made in writing or orally.
1054BA(3) Power to give directions
Must comply with direction under section.
1054BA(4) Power to give directions
1054C Reference of questions of law to Federal Court
AFCA may refer a question of law to the Federal Court.
1054C(1) Reference of questions of law to Federal Court
Federal Court has jurisdiction to hear and determine a question of law referred to it under this section.
1054C(2) Reference of questions of law to Federal Court
The Federal Court has jurisdiction during the period specified in this section.
(2) The Federal Court has jurisdiction to hear and determine a question of law referred to it under this section.
This provision is part of Section 1054C(2).
The Federal Court has jurisdiction to hear and determine a question of law.
The Federal Court's jurisdiction is diffused to the courts below during the period specified in this section.
AFCA must not refer to the Federal Court
1054C(3) Reference of questions of law to Federal Court
1055 Making a determination
Powers, obligations and discretions of trustee, insurer, RSA provider or other person who made a decision or engaged in conduct related to the complaint.
1055(1) Making a determination
AFCA has powers, obligations and discretions.
(1) In making a determination of a superannuation complaint, AFCA has, subject to this section, all the powers, obligations and discretions that are conferred on the trustee, insurer, RSA provider or other person who:
AFCA must affirm a decision or conduct if satisfied it is fair and reasonable.
1055(2) Making a determination
AFCA's satisfaction with fairness and reasonableness is tied to a temporal interval.
(2) AFCA must affirm a decision or conduct (except a decision relating to the payment of a death benefit) if AFCA is satisfied that:
AFCA's satisfaction with fairness and reasonableness involves cognitive processes.
AFCA's satisfaction with fairness and reasonableness diffuses through the system.
AFCA's satisfaction with fairness and reasonableness forms a recurring trace.
AFCA must affirm a decision if it is fair and reasonable in all circumstances.
1055(3) Making a determination
Decision must be made while the death benefit is being paid.
(3) AFCA must affirm a decision relating to the payment of a death benefit if AFCA is satisfied that...
Decision must be fair and reasonable in all circumstances.
AFCA must vary decisions or conduct if it is not fair and reasonable in all circumstances.
Decision must be made until the death benefit is no longer payable.
AFCA may take actions to place a complainant in a position where unfairness or unreasonableness no longer exists.
1055(4) Making a determination
AFCA may take actions to place complainant in a position where unfairness/unreasonableness no longer exists.
1055(5) Making a determination
AFCA may vary or set aside a decision, and require repayment of money received under the life policy.
1055(6) Making a determination
AFCA must provide written reasons for its determination of a superannuation complaint.
1055A AFCA to give reasons
1055B Operation of determination of superannuation complaint
Determination of superannuation complaint comes into operation immediately upon making.
1055B(1) Operation of determination of superannuation complaint
The determination occurs during the making of the determination.
Occurs during the making of a determination.
(1) Subject to subsection (2), a determination of a superannuation complaint by AFCA comes into operation immediately upon the making of the determination.
The determination spreads through the implementation of the determination.
Spreads through the implementation of the determination.
The state is obligated to implement the determination.
Determination may come into operation on a later date specified in the determination.
1055B(2) Operation of determination of superannuation complaint
Decision of another person is taken to be a decision of the other person for all purposes.
1055B(3) Operation of determination of superannuation complaint
...is, for all purposes (other than the making of a complaint about the decision)...
Decision is taken to have effect on a specific date.
(3) If, under subsection 1055(4) or (5), the determination varies a decision of another person...
Decision is taken to be a decision of another person.
...on and from the day on which the original decision has or had effect.
Decision has effect on and from the day on which the original decision has or had effect.
...unless AFCA otherwise orders, has effect...
1055C Evidence of determination of superannuation complaint
Prima facie evidence of AFCA determination in proceedings
1055C(1) Evidence of determination of superannuation complaint
Obligation to provide prima facie evidence
Does not affect other methods for proof of determinations of AFCA
1055C(2) Evidence of determination of superannuation complaint
Must comply with any determination made in respect of the person by AFCA.
1055D Compliance with determinations under the AFCA scheme
The person must comply with any determination made in respect of the person by AFCA.
Temporal interval between complaint and determination
(a) a superannuation complaint has been made concerning a disability benefit (whether under a contract of insurance or otherwise);
AFCA joins the person under subsection 1054(1) as a party to the complaint.
(c) AFCA joins the person under subsection 1054(1) as a party to the complaint;
Temporal interval between complaint and commencement
1056 When superannuation complaint cannot be made in relation to
Cannot make a superannuation complaint under AFCA scheme unless interest in death benefit exists.
1056(1) When superannuation complaint cannot be made in relation to
The provision restricts the action to those with an interest in death benefit within a certain time frame.
Restricts the time period for making a superannuation complaint.
(1) A person cannot make a superannuation complaint...
A person cannot make a superannuation complaint...
Prohibits making a superannuation complaint under AFCA scheme.
The provision restricts the action to those with an interest in death benefit.
Restricts making a superannuation complaint under AFCA scheme to those with an interest in death benefit.
The provision justifies the action as prohibited by stating the condition.
Justifies the prohibition by stating the condition for making a superannuation complaint.
Cannot make a superannuation complaint under AFCA scheme in certain circumstances.
1056(2) When superannuation complaint cannot be made in relation to
Prohibits making a complaint under AFCA scheme
(2) A person cannot make a superannuation complaint...
Person cannot make a superannuation complaint unless AFCA is satisfied that person has an interest in the death benefit and it was unreasonable for person not to be given notices from decision-maker.
1056(3) When superannuation complaint cannot be made in relation to
Person cannot make a superannuation complaint unless AFCA is satisfied that it was unreasonable for person not to be given notices from decision-maker.
Notices must be given within a reasonable timeframe.
It was unreasonable for person not to be given notices from decision-maker.
Person has an obligation to make a superannuation complaint.
AFCA is satisfied that person has an interest in the death benefit and it was unreasonable for person not to be given notices from decision-maker.
Decision-maker must give person notices within a reasonable timeframe.
1056A Joining persons to complaints relating to death benefit
Notice to be given to persons with an interest in death benefit
1056A(1) Joining persons to complaints relating to death benefit
Notice with complaint details and application period
Notice must be given to a person under subsection (1) with specific details about the complaint.
1056A(2) Joining persons to complaints relating to death benefit
A person may be joined as a party to the complaint under section 1054.
1056A(3) Joining persons to complaints relating to death benefit
Party may appeal to Federal Court from AFCA's determination on a question of law.
1057 Appeals to the Federal Court from determination of
1057A Operation and implementation of determination that is
Operation of determination unaffected by appeal
1057A(1) Operation and implementation of determination that is
Determination operation continues despite appeal
(1) Subject to this section, the institution of an appeal...
Court may make order staying or affecting operation of determination
1057A(2) Operation and implementation of determination that is
Court's order overlaps with determination
Court makes order staying or affecting operation of determination
Order staying or affecting operation of determination
May vary or revoke an existing order under subsection (2)
1057A(3) Operation and implementation of determination that is
Order subject to conditions and has effect until decision on appeal.
1057A(4) Operation and implementation of determination that is
AFCA must send documents to the Federal Court and return them after a proceeding.
1057B Sending of documents to, and disclosure of documents by, the
1058 Secrecy
Staff member must not disclose information
Staff member has an obligation to keep information secret
Insertions into determinations under AFCA scheme
11 After paragraph (hb) of Schedule 1
A person affected by the outcome of reconsideration may make a complaint under specific schemes.
12 Subsection 57(2) (note)
13 After paragraph 56(5)(a)
Operator of AFCA scheme must be inserted
14 Before subparagraph 127(4)(aa)(ii)
14AB When complaints can no longer be made
Complaints cannot be made after a certain date.
14AB(1) When complaints can no longer be made
This section has effect despite any other provision of this Part.
14AB(2) When complaints can no longer be made
Complaint procedure under AFCA scheme and Superannuation (Resolution of Complaints) Act 1993
15 Section 292-330 (note)
ASIC may tell RSA provider that ASIC proposes to conduct an investigation.
16 Subsection 95(1A)
RSA provider is classified as a non-compliant entity if they refuse or fail to give effect to determinations.
Classification of RSA providers as entities that refuse or fail to give effect to determinations.
ASIC proposes to conduct an investigation.
RSA provider must not refuse or fail to give effect to determinations.
Prohibition of RSA provider's refusal or failure to give effect to determinations.
RSA provider's refusal or failure to give effect to determinations is a recurring issue.
Recurring trace of RSA providers' refusal or failure to give effect to determinations.
RSA provider's refusal or failure to give effect to determinations is aligned with ontology.
Alignment of RSA providers' refusal or failure to give effect to determinations with ontology.
RSA provider's refusal or failure to give effect to determinations is invalid according to schema.
Validation of RSA providers' refusal or failure to give effect to determinations against schema.
Insertion of a term into the definition of 'Superannuation Complaints Tribunal'
17 Subsection 163(12) (paragraph (a) of the definition of do
Add ‘, or a determination made under that scheme’ to the definition of do an act or thing.
18 Subsection 163(12) (at the end of paragraph (b) of the
Updated definition with added condition.
Extending the temporal interval of the definition.
Member may make a complaint under AFCA scheme or section 15CA of Superannuation (Resolution of Complaints) Act 1993
19 Subsection 24(3) (note)
Member must know about the complaint process
Member must be aware of the complaint process
Member can make a complaint under AFCA scheme or section 15CA of Superannuation (Resolution of Complaints) Act 1993
2 After Part 7.10
Defines AFCA scheme as same meaning as in Chapter 7 of the Corporations Act 2001.
20 Subsection 10(1)
Insert a direction given under the AFCA scheme.
21 After paragraph 58(2)(f)
22 After subsection 58(2)
Clarifies application of paragraph (2)(fa) to requirements under the AFCA scheme.
22(2A) After subsection 58(2)
Clarifies application of paragraph (2)(fa)
(2A) To avoid doubt, paragraph (2)(fa) applies in relation to any requirement imposed under the AFCA scheme.
Does not affect the meaning of certain paragraphs in subsection (2) other than paragraph (2)(fa)
22(2B) After subsection 58(2)
Refusal to give effect to AFCA scheme determination
23 After paragraph 263(1)(c)
Insertion of 'or made under the AFCA scheme' after Superannuation Complaints Tribunal
24 Subsection 315(12) (paragraph (a) of the definition of do
ASIC may receive information from an AFCA scheme
245 Operator of approved external dispute resolution scheme or
245 Operator of AFCA scheme may give information to ASIC
25 Subsection 315(12) (at the end of paragraph (b) of the
Dissatisfied person may make complaint under AFCA scheme or Superannuation (Resolution of Complaints) Act 1993
26 Subsection 133-120(2) in Schedule 1 (note)
Dissatisfied person may make complaint if certain conditions met
Complaint under AFCA scheme or Superannuation (Resolution of Complaints) Act 1993
Timeframe for complaint under AFCA scheme
authorisation of the scheme comes into force
27 Subsection 133-140(1) in Schedule 1 (note)
Day on which complaints cannot be made because of section 14AB of Superannuation (Resolution of Complaints) Act 1993
Complaint under AFCA scheme or Superannuation (Resolution of Complaints) Act 1993, but not before authorisation comes into force
Individual may make a complaint under AFCA scheme or Superannuation (Resolution of Complaints) Act 1993
28 Section 155-90 in Schedule 1 (note)
Repeal item, substitute with Superannuation Complaints Tribunal or AFCA operator
29 Subsection 355-65(3) in Schedule 1 (table item 3)
Penalty units for each day or part of a day in respect of which the offence is committed
3 Schedule 3 (after table item 310)
Dissatisfied person may make complaint under AFCA scheme or Superannuation (Resolution of Complaints) Act 1993.
30 Subsection 390-5(1) in Schedule 1 (note 2)
31 Application of amendments
Membership of the AFCA scheme added to subsection 912A(2)
32 At the end of subsection 912A(2)
Membership of the AFCA scheme is added to subsection 1017G(2)
33 At the end of subsection 1017G(2)
34 Subsection 5(1)
Insert 'and the AFCA scheme' after 'scheme'
35 Paragraphs 47(1)(i), 64(5)(c) and 65(6)(c)
Repeal heading and substitute with new text.
36 Section 245 (heading)
Insert 'or the AFCA scheme' after 'external dispute resolution scheme'
37 Section 245
Defines AFCA scheme as equivalent to a specific term in the Corporations Act 2001.
38 Subsection 204(1) of the National Credit Code
Insertion of AFCA scheme into external dispute resolution scheme
39 Paragraph 12(1)(b) of Schedule 2
Add dispute resolution to Superannuation (Resolution of Complaints) Act 1993
4 At the end of subsection 38(2)
Obligation to be a member of an approved external dispute resolution scheme and the AFCA scheme
40 Subitem 16(1) of Schedule 2 (heading)
Insert 'and the AFCA scheme' after 'external dispute resolution scheme'
41 Subitem 16(1) of Schedule 2
42 Before paragraph 47(1)(b)
43 Before paragraph 101(1)(b)
Obligation to be a member of the AFCA scheme
44 Application of amendments
Repeal note and substitute with new note allowing complaint under AFCA scheme.
45 Subsection 57(2) (note)
Complaint procedure under AFCA scheme for dissatisfied individuals
46 Section 292-330 (note)
Section 390-5 in Schedule 1 to the Taxation Administration Act 1953
Omit 'approved external dispute resolution scheme of which the licensee is a member' and substitute 'AFCA scheme'.
47 Subparagraphs 113(2)(h)(ii), 126(2)(e)(ii), 127(2)(e)(ii),
Prohibits the use of approved external dispute resolution schemes.
Omit specific term and substitute with another.
48 Paragraph 158(2)(h)
Omit 'approved external dispute resolution scheme of which the person is a member', substitute 'AFCA scheme'.
49 Subparagraph 160(3)(f)(ii)
Imposes a duty on the person to omit the specified scheme.
Delegate functions or powers to Tribunal members
5 At the end of section 7A
Omit specified external dispute resolution schemes and substitute with AFCA scheme.
50 Subparagraphs 72(4)(b)(iii), 88(3)(g)(i) and 94(2)(b)(i) of the
Removal of external dispute resolution schemes
Omit provision from National Credit Code
51 Subparagraphs 177B(4)(b)(iii), 179D(2)(f)(i) and
Member may make a complaint under AFCA scheme about superannuation provider's decision.
52 Subsection 24(3) (note)
53 After section 14AA
Allow complaint under AFCA scheme if dissatisfied with notice.
54 Subsection 133-120(2) in Schedule 1 (note)
Grant permission to complain under AFCA scheme.
Belief in right to complaint under AFCA scheme.
55 Subsection 133-140(1) in Schedule 1 (note)
Dissatisfaction with notice implies belief in need for complaint.
Individual may make a complaint under AFCA scheme if dissatisfied with statement from superannuation provider.
56 Section 155-90 in Schedule 1 (note)
Allow complaint under AFCA scheme if dissatisfied with statement given by superannuation provider.
57 Subsection 390-5(1) in Schedule 1 (note 2)
Grant permission to make complaint under AFCA scheme.
Specifies the day on which amendments apply
58 Application of amendments
the day that is 12 months after the Part 3 application day
Defines the start of the amendment application period
59 Paragraph 912A(2)(b)
Omit 'subsection 62(2)', substitute 'section 62'.
6 Subsection 59(1)
60 Subsection 912A(3)
61 Paragraph 1017G(2)(b)
Omit specified phrase from National Consumer Credit Protection Act 2009
62 Subsection 1017G(3)
Repeal definition of approved external dispute resolution scheme
63 Subsection 5(1) (definition of approved external dispute
64 Section 11
Omit specified phrases from approved external dispute resolution schemes.
65 Paragraphs 47(1)(i), 64(5)(c) and 65(6)(c)
Repeal heading and substitute with new text
66 Section 245 (heading)
Omit 'an approved external dispute resolution scheme or'
67 Section 245
68 Subsection 204(1) of the National Credit Code (definition
69 Paragraph 12(1)(b) of Schedule 2
Prohibits omission of approved external dispute resolution scheme and
Approved external dispute resolution scheme
Substitute section 62 for subsection 62(2)
7 Section 61
Repeal of heading and substitution with obligation to be a member of the AFCA scheme
70 Subitem 16(1) of Schedule 2 (heading)
Imposes an obligation on legal persons to be members of the AFCA scheme
71 Subitem 16(1) of Schedule 2
Prohibits the use of an approved external dispute resolution scheme and
72 Application of amendments
8 Subsection 62(1)
9 Subsection 62(2)
1 After section 243B
Transitional provision for giving written reasons
10 Transitional provision for giving written reasons
101 Dispute resolution systems
Repeal definition of regulated superannuation fund and substitute with new definition.
11 Subsection 101(3) (definition of regulated superannuation
Provide a dispute resolution system complying with subsection (2) and give ASIC the information specified in any instrument under subsection (2A)
2 Paragraph 912A(1)(g)
Obligation to provide a dispute resolution system
243C ASIC may publish internal dispute resolution data
ASIC may publish internal dispute resolution data
243C(1) ASIC may publish internal dispute resolution data
Must publish internal dispute resolution data without personal information
243C(2) ASIC may publish internal dispute resolution data
Obligation to publish internal dispute resolution data
3 After subsection 912A(2)
Specify internal dispute resolution procedures and operation details to ASIC
3(2A) After subsection 912A(2)
No personal information may be specified in an instrument under subsection (2A)
3(2B) After subsection 912A(2)
Defines a temporal interval for prohibition
(2B) An instrument under subsection (2A) must not specify any information that is personal information within the meaning of the Privacy Act 1988.
Prohibits specifying personal information
Diffuses prohibition to all relevant parties
Mandatory dispute resolution system for issuers and regulated persons
4 Subsection 1017G(1)
47 Dispute resolution systems
Provide information to ASIC as a financial services licensee
5 After paragraph 47(1)(h)
6 Section 47 (heading)
Internal dispute resolution procedure, information to ASIC, written reasons for decisions
Must have an internal dispute resolution procedure, give information to ASIC, and provide written reasons for decisions.
7 Subsections 47(1) and (2)
8 Section 101 (heading)
Internal dispute resolution procedure, written reasons for decisions
Trustees of regulated superannuation funds must have an internal dispute resolution procedure and provide certain information to ASIC.
9 Subsections 101(1) and (1A)
Obligation to have an internal dispute resolution procedure
Establishment of the Australian Financial Complaints Authority
1 Short title
1 Section 1
1 The whole of the Act
Repeal definition of Superannuation Complaints Tribunal
10 Section 16 (definition of Superannuation Complaints
11 Paragraph 38(2)(n)
Omit specified text and substitute with new text.
12 Subsection 47(1) (note)
ASIC may conduct an investigation if RSA provider refuses or fails to give effect to AFCA determination.
13 Subsection 95(1A)
RSA provider refuses or fails to give effect
ASIC proposes to conduct an investigation
Omit 'made by the Superannuation Complaints Tribunal, or'
14 Subsection 163(12) (paragraph (a) of the definition of do
Prohibits omission of 'made by the Superannuation Complaints Tribunal, or'
15 Subsection 163(12) (at the end of paragraph (b) of the
16 Section 184
Repeal paragraph, substitute Division 3 of Part 7.10A of the Corporations Act 2001 or Superannuation Act 1990
17 Subsection 155C(3) (paragraph (c) of the definition of
Repeal paragraph (c) of the definition of eligible regulatory law and substitute with Division 3 of Part 7.10A of the Corporations Act 2001 or Superannuation Act 2005.
18 Subsection 49(3) (paragraph (c) of the definition of eligible
19 Paragraph 46(1)(f)
2 Commencement
The day after this Act receives the Royal Assent.
2 Section 2
2 Paragraph 29(1)(f)
Omit sections 64A and 68A, substitute section 68A.
20 Subparagraph 6(1)(a)(iv)
21 Subparagraph 6(1)(c)(i)
22 Subsection 10(1) (definition of Superannuation
23 Paragraph 58(2)(f)
24 Section 64A
25 Subsection 101(1) (note)
26 Paragraph 263(1)(c)
27 Subsection 315(12) (paragraph (a) of the definition of do
Omit 'directions of the Superannuation Complaints Tribunal, or'
28 Subsection 315(12) (at the end of paragraph (b) of the
Insertion of 'former' before Superannuation Complaints Tribunal
29 Paragraph 337A(a)
3 Section 3
Legislation in schedules is amended or repealed according to its terms.
3 Schedules
3 Paragraph 12A(1)(d)
30 Section 8 (definition of Superannuation Complaints
Operator of AFCA scheme must provide information for performing functions or exercising powers.
31 Subsection 355-65(3) in Schedule 1 (table item 3)
Existing determinations unaffected by repeal or amendments
32 Existing determinations unaffected
Transfer of records from Superannuation Complaints Tribunal to Australian Securities and Investments Commission
33 Transfer of records
Defines temporal interval for transfer of records
(2) The records and documents are to be transferred to the Australian Securities and Investments Commission after that commencement.
Remittal of matters by the Federal Court
34 Remittal of matters by the Federal Court
The Minister may make rules prescribing matters of a transitional nature.
35 Transitional rules
Classifies the legal effect as Undertaking.
The text supports a transitional provision.
Immediate commencement after provisions covered by table item 7.
4 Section 4
4 Review of operation of amendments
Independent review of amendments' operation after 18 months.
4(1) Review of operation of amendments
Complaints must be resolved in a way that is fair, efficient, timely and independent.
4(2) Review of operation of amendments
The review must consider the timeliness of complaint resolution
Complaints must be resolved within a certain timeframe
The review must take into account feedback relating to whether their complaints were resolved in a way that was fair, efficient, timely and independent.
Complaints against members of the scheme are resolved in a way that is fair, efficient, timely and independent.
Review of operation of amendments regarding limits on claims and remedies under the AFCA scheme.
4(3) Review of operation of amendments
The Minister must prepare a written report about the review.
4(4) Review of operation of amendments
The Minister must prepare a written report.
Report must be tabled in each House of Parliament within 15 sitting days.
4(5) Review of operation of amendments
4(6) Review of operation of amendments
4 Subparagraph 127(4)(aa)(ii)
5 March 2018
5 Section 5
5 March 2022
5 Subparagraph 127(4)(aa)(iii)
Conditional commencement of Sch 3 on 5 Mar 2022
5 Mar 2018
6 March 2018
Immediate commencement after provisions covered by table item 2.
6 Section 6
6 Section 129C
7 Section 7
7 Division 3A of Part 7
Commencement provision for provisions not commenced within 4 years
8 Section 8
8 Subparagraph 3(1)(c)(iii)
Commence on the day after the end of that period
9 Paragraph 3(2)(d)
Amendment history for Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018
9 Aug 2022
Includes amendments up to Act No. 35, 2022
10 August 2022
Compilation information and notes on amendments.
25 August 2022
Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018