Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Each trustee of a regulated superannuation fund other than a self managed superannuation fund or of an exempt public sector superannuation scheme that has elected to join the AFCA scheme, or of an approved deposit fund:
(a) must be a member of the AFCA scheme; 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 trustee would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if the trustee were a financial services licensee; and
(d) must ensure that written reasons are given, in accordance with requirements specified under subsection (1B) of this section, for any decision of the trustee (or failure by the trustee 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 trustee.
(1A) However, paragraphs (1)(a) to (c) do not apply to a trustee if the trustee is required under the Corporations Act 2001 to have a dispute resolution system complying with subsection 912A(2) or 1017G(2) of that Act.
(1B) 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.
(2) 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.