Treasury Laws Amendment (Putting Consumers First - Establishment of the Australian Financial Complaints Authority) Act 2018 (13 of 2018)

Schedule 1   External dispute resolution

Part 2   Amendments applying once the first authorisation of an external dispute resolution scheme comes into force

Retirement Savings Accounts Act 1997

16   Subsection 95(1A)

Repeal the subsection, substitute:

(1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to:

(a) a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993; or

(b) a determination made under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001);

ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider.