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Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

 

No.      , 2017

 

(Treasury)

 

 

 

A Bill for an Act to amend the Corporations Act 2001 and repeal the Superannuation (Resolution of Complaints) Act 1993 , and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 3

Schedule 1—External dispute resolution                                                                  4

Part 1—Amendments applying from the day after Royal Assent           4

Corporations Act 2001                                                                                                4

Retirement Savings Accounts Act 1997                                                                  29

Superannuation (Resolution of Complaints) Act 1993                                       29

Part 2—Amendments applying once the first authorisation of an external dispute resolution scheme comes into force                                                                                                          31

Administrative Decisions (Judicial Review) Act 1977                                        31

Australian Defence Force Cover Act 2015                                                            31

Australian Prudential Regulation Authority Act 1998                                       31

Australian Securities and Investments Commission Act 2001                           32

Income Tax Assessment Act 1997                                                                             32

Retirement Savings Accounts Act 1997                                                                  32

Superannuation Contributions Tax (Assessment and Collection) Act 1997 33

Superannuation Industry (Supervision) Act 1993                                               33

Taxation Administration Act 1953                                                                          34

Part 3—Amendments relating to requiring membership of the AFCA scheme    37

Corporations Act 2001                                                                                              37

National Consumer Credit Protection Act 2009                                                  37

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      38

Retirement Savings Accounts Act 1997                                                                  38

Superannuation Industry (Supervision) Act 1993                                               38

Part 4—Amendments relating to closing off existing external dispute resolution schemes           40

Australian Defence Force Cover Act 2015                                                            40

Income Tax Assessment Act 1997                                                                             40

National Consumer Credit Protection Act 2009                                                  40

Superannuation Contributions Tax (Assessment and Collection) Act 1997 41

Superannuation (Resolution of Complaints) Act 1993                                       41

Taxation Administration Act 1953                                                                          42

Part 5—Amendments relating to no longer requiring membership of existing external dispute resolution schemes                                                                                                             44

Corporations Act 2001                                                                                              44

National Consumer Credit Protection Act 2009                                                  44

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      45

Schedule 2—Internal dispute resolution                                                                 47

Australian Securities and Investments Commission Act 2001                           47

Corporations Act 2001                                                                                              47

National Consumer Credit Protection Act 2009                                                  49

Retirement Savings Accounts Act 1997                                                                  49

Superannuation Industry (Supervision) Act 1993                                               50

Schedule 3—Repeal of the Superannuation (Resolution of Complaints) Act 1993            52

Part 1—Repeal of the Superannuation (Resolution of Complaints) Act 1993      52

Superannuation (Resolution of Complaints) Act 1993                                       52

Part 2—Consequential amendments                                                                     53

Australian Defence Force Superannuation Act 2015                                         53

Australian Securities and Investments Commission Act 2001                           53

Insurance Act 1973                                                                                                    53

Life Insurance Act 1995                                                                                            53

Retirement Savings Accounts Act 1997                                                                  53

Superannuation Act 1976                                                                                         54

Superannuation Act 1990                                                                                         55

Superannuation Act 2005                                                                                         55

Superannuation Industry (Supervision) Act 1993                                               55

Superannuation (Unclaimed Money and Lost Members) Act 1999                  56

Taxation Administration Act 1953                                                                          56

Part 3—Application provisions                                                                               57

 

 



A Bill for an Act to amend the Corporations Act 2001 and repeal the Superannuation (Resolution of Complaints) Act 1993 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, Parts 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, items 33 to 41

The day after this Act receives the Royal Assent.

 

4.  Schedule 1, items 42 and 43

Immediately after the commencement of the provisions covered by table item 7.

 

5.  Schedule 1, item 44

The day after this Act receives the Royal Assent.

 

6.  Schedule 1, Parts 4 and 5

Immediately after the commencement of the provisions covered by table item 2.

 

7.  Schedule 2

The day after this Act receives the Royal Assent.

 

8.  Schedule 3

A day or days to be fixed by Proclamation.

However, if any of the provisions do not commence within the period of 4 years beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.