Financial Sector Legislation Amendment Act (No. 1) 2003 (116 of 2003)

Schedule 7   Superannuation (Resolution of Complaints) Act 1993

24   Sections 64 and 64A

Repeal the sections, substitute:

64 Reference by Tribunal Chairperson of contraventions of the law or of the governing rules of a fund to APRA or ASIC or both

If, in connection with a complaint made to the Tribunal under this Act, a Tribunal member becomes aware that a contravention of any law or of the governing rules of a fund may have occurred, the Tribunal member:

(a) if he or she is not the Tribunal Chairperson - must give particulars of the contravention to the Tribunal Chairperson; or

(b) if he or she is the Tribunal Chairperson:

(i) in the case of a contravention of a law that is administered by APRA - must give particulars of the contravention to APRA and, if he or she thinks it appropriate to do so, may also give particulars of the contravention to ASIC; or

(ii) in any other case - must give particulars of the contravention to ASIC and, if he or she thinks it appropriate to do so, may also give particulars of the contravention to APRA.

64A Reference by Tribunal Chairperson of breaches of terms and conditions to APRA or ASIC or both

If, in connection with a complaint made to the Tribunal under this Act, a Tribunal member becomes aware of a breach in the terms and conditions relating to an annuity policy, a life policy or an RSA, the Tribunal member:

(a) if he or she is not the Tribunal Chairperson - must give particulars of the breach to the Tribunal Chairperson; or

(b) if he or she is the Tribunal Chairperson - must do one of the following:

(i) give particulars of the breach to APRA;

(ii) give particulars of the breach to ASIC;

(iii) give particulars of the breach to both APRA and ASIC;

as he or she thinks appropriate.