SCT gets small business jurisdiction
The Federal Government has moved to extend the jurisdiction of the Superannuation Complaints Tribunal to cover small businesses who deal with Australian Prudential Regulation Authority APRA) funds.
The move has been confirmed by Assistant Treasurer, David Bradbury who said additional members would be appointed to the SCT.
He said the Government had moved because small businesses had a range of interactions with superannuation providers when making superannuation payments and other arrangements on behalf of their employees.
“This measure will fill a gap in the existing external dispute resolution system by ensuring that small businesses are offered similar access to external dispute resolution for resolving disputes with superannuation providers as they are for disputes with other financial service providers,” Bradbury said.
Bradbury said stakeholders would be consulted on the legislative amendments to give effect to the measure.
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