The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 has been passed by the House of Representatives and introduced into the Senate.

Amongst other things (including changes to the rules for non-arm’s length expenses for superannuation entities) Schedule 8 to the Bill amends the Corporations Act to reinstate AFCA’s jurisdiction to hear complaints relating to superannuation, whether or not they meet the definition of superannuation complaint in the Corporations Act. This reinstates the original policy intent, following the MetLife decision by the Full Federal Court relating to complaints about insurance policies held inside superannuation.

The policy intent of Division 3 of Part 7.10A of the Corporations Act is to provide AFCA with additional statutory powers to manage superannuation-related complaints effectively. It was not intended to limit the complaints that may be brought under the AFCA scheme.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.