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

Schedule 2   Internal dispute resolution

Retirement Savings Accounts Act 1997

7   Subsections 47(1) and (2)

Repeal the subsections, substitute:

(1) An RSA provider:

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

(2) 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.

(2A) 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.