Summary
These regulations establish the procedures, jurisdiction, and processes for resolving complaints between superannuation fund members and trustees, originally through the Superannuation Complaints Tribunal (later integrated into the Financial Ombudsman Service). They set timeframes, evidentiary requirements, and powers for complaint determination.
Reason
This instrument creates a redundant specialized complaints layer with significant compliance costs borne by superannuation funds and ultimately members. Australians already have access to courts, ASIC oversight, and the broader Financial Ombudsman Service for dispute resolution. The dedicated superannuation complaints framework duplicates existing mechanisms without clear marginal benefit, adding regulatory overhead that reduces system efficiency and competitiveness in the superannuation sector.