Small businesses will now have greater access to dispute resolution for resolving complaints against APRA-regulated superannuation funds.
The Government has announced that it will expand the jurisdiction of the Superannuation Complaints Tribunal (SCT) to include complaints made by small businesses against superannuation funds and will seek to appoint additional members to the Tribunal with relevant experience.
Minister Assisting for Financial Services and Superannuation, David Bradbury, said that small businesses have 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," said Mr Bradbury.
Minister for Small Business, Gary Gray, said these new measures also provide small business with similar access to the SCT as members and beneficiaries of APRA-regulated superannuation funds.
"The SCT will provide small businesses with an alternative means of resolving disputes with superannuation funds to the private legal system thereby potentially reducing costs on small business," said Mr Gray.
Stakeholders will be consulted on the legislative amendments to give effect to the measure.