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List of recommendations
Recommendation 1
2.47 That schedule 1, item
74 be amended to require that for a notice in writing from an eligible person
to a trustee given in accordance with proposed paragraph 101(1)(d) to be valid:
- for complaints regarding total and
permanent disability claims, it must be given within six years from the time of
the decision; and
- for other complaints, it must be given
within 12 months of the trustee's decision.
Recommendation
2
2.48 That
the government amends the Corporations Regulations 2001 to require that when a
decision is made in relation to a non‑death benefit complaint, the
trustee must give the eligible person information about how they can request
reasons for the decision.
Recommendation 3
3.24
That:
- proposed paragraph 224A(1)(e) be
amended to omit 'brief'; and
- proposed section 224A be amended to
require that an infringement notice must contain any other information
specified by the regulations.
Recommendation 4
3.32 That schedule 1, item
112, proposed subsection 224A(2) be amended to provide that:
- for offences, the amount to be stated
in the notice for the alleged contravention of the provision must be equal to
one-fifth of the maximum penalty that a court could impose on the person for
that contravention; and
- for civil penalty provisions, the
amount to be stated in the notice for the alleged contravention of the
provision must be equal to one-fortieth of the maximum penalty that a court
could impose on the person for that contravention.
Recommendation
5
3.41 That
prior to the commencement of the provisions in the bill that will establish an
infringement notice regime, the Australian Prudential Regulation Authority
publishes guidance on the approach it will take to exercising its discretion to
issue, withdraw and correct those notices.
Recommendation
6
3.48 That
proposed subparagraph 223A(1)(i) contained in schedule 1, item 112 of the
bill be amended by omitting 'subsection 242M(1)' and substituting 'subsection
242P(1)'.
Recommendation
7
3.51 That
the bill be amended to omit schedule 1, item 71.
Recommendation 8
4.24 That schedule 1, item 72, proposed subsections
58A(1), (2), (3) and (4) be amended by inserting text that specifies that a
provision in the governing rules of a regulated superannuation fund will only
be void to the extent that it would require that a trustee may or must use a
specified service provider or investment entity, or that a trustee may or must
invest in or purchase a specified financial product.
Recommendation 9
4.58 After due consideration of recommendations 1–8, the
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