Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.10A - EXTERNAL DISPUTE RESOLUTION  

Division 2 - Regulating the AFCA scheme  

SECTION 1052B   DIRECTIONS TO INCREASE LIMITS ON THE VALUE OF CLAIMS  

1052B(1)  
If, under the AFCA scheme, there are one or more limits on:


(a) the value of claims that may be made under the scheme; or


(b) the value of remedies that AFCA may determine under the scheme;

ASIC may give AFCA a written direction requiring the limit, or some or all of the limits, to be increased.

Note: One of the operational requirements for the scheme is that there are no such limits for superannuation complaints (see paragraph 1051(4)(f) ).

1052B(2)  
However:


(a) ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC ' s intention to issue the direction; and


(b) a direction under this section must not apply in relation to complaints AFCA received before ASIC gives the direction.

1052B(3)  
AFCA must comply with a direction made under this section.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

1052B(4)  
If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction.

1052B(5)  
A direction made under this section is not a legislative instrument.


 

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