The Australian Securities and Investments Commission (ASIC) is legally charged with overseeing superannuation and the superannuation industry.
ASIC is obligated to enforce two main pieces of legislation, the Corporations Act 2001 and some of the Superannuation Industry (Supervision) Act 1993. The Corporations Act sets standards for all businesses in Australia, not just the superannuation industry. Much of the act covers issues such as corporate formation and structure – which, while important, don’t specifically relate to your superannuation dispute.
The Superannuation Industry (Supervision) Act 1993, meanwhile, directly covers the way that superannuation funds conduct themselves. One of its key provisions states that superannuation funds are created for the sole purpose of providing its members (meaning you) with benefits.
Handling a Complaint
Under the Superannuation (Resolution of Complaints) Act 1993, a government organisation was established to resolve superannuation-related complaints. From 1994 until 31 October 2018, these were dealt with by the Superannuation Complaints Tribunal. After that date, the Australian Financial Complaints Authority took over this responsibility, though the Tribunal retained oversight of active cases that were lodged before the aforementioned deadline. A complaint lodged with the Superannuation Complaints Tribunal will be returned to the sender with instructions to get in contact with the AFCA.
The AFCA has specific regulations that cover the cases it can look into and the time limit a member has to file a complaint. There is no limit to the amount of money that can be at stake in these filings.
Other Important Laws
In addition to the two laws that form the basis of ASIC’s work, several other pieces of legislation pertain to the regulation of superannuation funds. The Financial Services Reform Act 2002 changes provisions of the Corporations Act to require greater levels of disclosure from providers, and also places superannuation funds with other financial services under one licencing regime.
Trust the Superannuation Experts
If you feel that your Superannuation fund isn’t following the law, the team at Gerard Malouf and Partners are there for you. We have a strong record of taking on super funds and winning. Get in touch with our lawyers today for all of your superannuation and personal disability legal needs.