Summary
Amends the:
Corporations Act 2001
to require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems;
Superannuation Industry (Supervision) Act 1993
to: over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of ‘superannuation contribution’ to include defined benefits; and make consequential amendments;
Superannuation (Resolution of Complaints) Act 1993
to increase the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims;
First Home Saver Accounts Act 2008
to make consequential amendments; and
Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
to make technical amendments.