Retirement Savings Accounts Act 1997

PART 5 - DUTIES ETC. OF RSA PROVIDERS AND EMPLOYERS

Division 2 - Duties of RSA providers

SECTION 47 DISPUTE RESOLUTION SYSTEMS

47(1)

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An RSA provider:

(a)

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must be a member of the AFCA scheme (within the meaning of the Corporations Act 2001 ); and

(b) must have an internal dispute resolution procedure that complies with the standards, and requirements, mentioned in subparagraph 912A(2)(a)(i) of the Corporations Act 2001 in relation to financial services licensees; and

(c) must give to ASIC the same information as the RSA provider would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if the RSA provider were a financial services licensee; and

(d) must ensure that written reasons are given, in accordance with requirements specified under subsection (2A) of this section, for any decision of the RSA provider (or failure by the RSA provider to make a decision) relating to a complaint.

Note:

Part 7.10A of the Corporations Act 2001 deals with situations where complaints are not resolved by the RSA provider.

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History

S 47(1) amended by No 76 of 2023, s 3 and Sch 2 item 695, by omitting " Chapter 7 of " before " the Corporations Act 2001 " from para (a), effective 20 October 2023.

S 47(1) amended by No 13 of 2018 (as amended by No 35 of 2022), s 3 and Sch 3 item 12, by substituting " deals " for " , and the Superannuation (Resolution of Complaints) Act 1993 , deal " in the note, effective 5 March 2022. For application, saving and transitional provisions, see note under s 95(1A) .

S 47(1) substituted by No 13 of 2018, s 3 and Sch 2 item 7, effective 6 March 2018. S 47(1) formerly read:

47(1)
An RSA provider must take all reasonable steps to ensure that there are at all times in force arrangements under which:

(a) a holder, or former holder, of an RSA; or

(b) the executor or administrator of the estate of a former holder of an RSA;
has the right to make an inquiry into, or a complaint about, the operation or management of the RSA, and that the inquiry or complaint will be properly considered and dealt with within 90 days after it was made.

Note:

The Superannuation (Resolution of Complaints) Act 1993 deals with situations where complaints are not resolved by the RSA provider.

S 47(1) amended by No 13 of 2018, s 3 and Sch 1 item 42, by inserting para (a), effective 6 March 2018. No 13 of 2018, s 3 and Sch 1 item 44 contains the following application provision:

44 Application of amendments
(1)
The amendments apply on and after the day that is:

(a) the day specified under subitem (2); or

(b) if no such day is specified - the day that is 12 months after the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 , comes into force.

(2)
The Minister may, by notifiable instrument, specify a day for the purposes of paragraph (1)(a). The day must not be earlier than the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 , comes into force.

47(2)

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However, paragraphs (1)(a) to (c) do not apply to an RSA provider if the RSA provider is required under the Corporations Act 2001 to have a dispute resolution system complying with subsection 912A(2) or 1017G(2) of that Act.

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47(2A)

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ASIC may, by legislative instrument, specify for the purposes of paragraph (1)(d) any or all of the following:

(a) the persons who must be given written reasons;

(b) the matters that must be included in those reasons;

(c) the times by which those reasons must be given;

(d) the circumstances that constitute a failure to make a decision.

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47(3)

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A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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