Explanatory Memorandum
(Circulated by authority of the Treasurer, the Honourable Peter Costello MP)21 Schedule 17: Amendment of the Superannuation (Resolution of Complaints) Act 1993
The purpose of Schedule 17 is to transfer regulatory responsibility for the Superannuation (Resolution of Complaints) Act 1993 (the Act) to ASIC. The Act establishes the Superannuation Complaints Tribunal and sets out its procedure. A number of provisions of the Act refer to the Insurance and Superannuation Commissioner.
Commencement
21.1 Schedule 17 will commence on the commencement of the proposed Australian Prudential Regulation Authority Act 1998.
Change of name of regulator
21.2 Prior to the commencement of the Financial Sector Reform (Amendments and Transitional Provisions) Act (the Act), the Insurance and Superannuation Commissioner was responsible for certain functions referred to in the Act. On commencement of Schedule 11, the Insurance and Superannuation Commissioner Act 1987 will be repealed and the office of Insurance and Superannuation Commissioner will no longer exist.
21.3 Schedule 17 therefore amends references in the Act to the 'Insurance and Superannuation Commissioner' by replacing them with references to ASIC, APRA or the regulator, as is appropriate.
21.4 References to the Commissioner will be amended to refer appropriately to ASIC, APRA or the Regulator. The relevant items are items 4 11.
21.5 The note to the definition sections which points to the relevant definitions in the Superannuation Industry (Supervision) Act 1993 has been amended to refer to the relevant new definitions of APRA, ASIC and Regulator (Item 1).
21.6 The definition of 'death benefits' which refers to a decision under the Superannuation Industry (Supervision) Act 1993 has been amended to refer to APRA, which will be the decision-maker under the relevant provision of that Act (Item 2).
21.7 The Act empowers the Tribunal to give details of a settlement to the Commissioner that it thinks may require investigation by the Commissioner (subsection 31(2)). References to the Commissioner in this provision are to be amended to 'Regulator', that is, either ASIC or APRA, depending on the circumstances (Item 3).
21.8 When the reference to 'Commissioner' refers to the Commissioner of Taxation, the reference will not be amended.
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