Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10A - EXTERNAL DISPUTE RESOLUTION  

Division 2 - Regulating the AFCA scheme  

SECTION 1052E   REFERRING MATTERS TO APPROPRIATE AUTHORITIES  

Referring contraventions and breaches etc. to appropriate authorities

1052E(1)    
If AFCA becomes aware, in connection with a complaint under the AFCA scheme, that:

(a)    a serious contravention of any law may have occurred; or

(b)    

a contravention of the governing rules of any of the following may have occurred:

(i) a regulated superannuation fund;

(ii) an AFCA regulated superannuation scheme;

(iii) an approved deposit fund; or

(c)    a breach of the terms and conditions relating to an annuity policy, a life policy or an RSA may have occurred; or

(d)    a party to the complaint may have refused or failed to give effect to a determination made by AFCA;

AFCA must give particulars of the contravention, breach, refusal or failure to one or more of APRA, ASIC or the Commissioner of Taxation.

1052E(2)    
However, if:

(a)    the complaint relates to the scheme provided for by the Australian Defence Force Cover Act 2015 ; and

(b)    subsection (1) applies because AFCA becomes aware that:

(i) a serious contravention of any law may have occurred; or

(ii) a party to the complaint may have refused or failed to give effect to a determination made by AFCA;

AFCA must instead give particulars of the contravention, refusal or failure to the Minister administering that Act and the Minister administering the Public Governance, Performance and Accountability Act 2013 .

Referring settled complaints

1052E(3)    
If:

(a)    the parties to a complaint made under the AFCA scheme agree to a settlement of the complaint; and

(b)    AFCA thinks the settlement may require investigation;

AFCA may give particulars of the settlement to one or more of APRA, ASIC or the Commissioner of Taxation.

Referring systemic issues

1052E(4)    
If AFCA considers that there is a systemic issue arising from the consideration of complaints under the AFCA scheme, AFCA must give particulars of the issue to one or more of APRA, ASIC or the Commissioner of Taxation.