The Superannuation Complaints Tribunal deals with complaints about superannuation, specifically in the areas of:
- Regulated Superannuation Funds
- Annuities and deferred annuities
- Retirement Savings Accounts (RSA's)
The Tribunal's statutory objectives require it to provide mechanisms that are 'fair, economical, informal and quick' for the purposes of inquiring into, conciliating, and reviewing complaints (as set out in section 11 of the Superannuation (Resolution of Complaints) Act 1993) (the SRC Act))
The Tribunal's statutory functions provide that it is to inquire into a complaint and try to resolve it by conciliation. If conciliation is unsuccessful, the Tribunal must review the complaint (section 12 of the SRC Act, Sub-sections 12(1)(a) & (b) ). The Tribunal is also empowered to carry out any other functions conferred on it ‘by or under any other Act.' (Sub-section 12(1)(c) of the SRC Act)
The definition and the establishment sections of the SRC Act implicitly refer to the ‘Tribunal' as constituted for review. However, the Tribunal's inquiry and conciliation functions are exercisable 'on behalf of the Tribunal' by the Chairperson, the Deputy Chairperson and/or by members of the staff of the Tribunal who have been so authorised by the Chairperson. (Sub-section 59(1) of the SRC Act).
Importantly, the Tribunal's review powers are reposed directly in the Tribunal as constituted for review and may not be delegated. Nor may the Tribunal Members, other than the Chairperson and the Deputy Chairperson, exercise any powers under the SRC Act other than the powers of review. (Sub-section 59(2)(a) of the SRC Act lists certain specific powers which are exercisable only by the Chairperson; and, sub-section 59(2)(b) lists specific powers which are exercisable only by the Chairperson and/or the Deputy Chairperson.)
A Tribunal determination is binding on all parties, and will be enforced by the Australian Securities and Investment Commission (ASIC) if necessary.
Appeals against Tribunal determinations can be made to the Federal Court but the only basis for appeal is on a question of law.