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Legislation in schedules is amended or repealed according to its terms.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