The Superannuation Complaints Tribunal (SCT) may be funded by Government and operate under its own legislation, the Superannuation (Resolution of Complaints) Act 1993, but it is being reviewed as an external dispute resolution (EDR) service in the same context as the Financial Ombudsman Service.
While the SCT has operated under its own legislation, it has fallen under the umbrella of the Australian Securities and Investments Commission (ASIC) for administrative/funding purposes.
The Minister for Revenue and Financial Services, Kelly O’Dwyer, on Monday released the terms of reference for the three-person independent panel tasked with reviewing the EDR framework, saying the process would have regard to: “efficiency; equity; complexity; transparency; accountability; comparability of outcomes; and regulatory costs”.
The terms of reference said the review would make recommendations on:
- The role, powers, governance and funding arrangements of the dispute resolution and complaints framework in providing effective complaints handling processes for users, including linkages with internal dispute resolution;
- The extent of gaps and overlaps between each of the bodies (including consideration of legislative limits on the matters each body can consider) and their impacts on the effectiveness, utility and comparability of outcomes for users;
- The role of the bodies in working with government, regulators, consumers, industry and other stakeholders to improve the legal and regulatory framework to deliver better outcomes for users; and
- The relative merits, and any issues that would need to be considered (including implementation considerations), of different models in providing effective avenues for resolving disputes.
