In a joint statement, Minister Assisting for Financial Services and Superannuation David Bradbury and Minister for Small Business Gary Gray announced the jurisdiction of the SCT will be expanded to include complaints made by small businesses against Australian Prudential Regulation Authority (APRA)-regulated superannuation funds.
The measure will be subject to industry consultation before it is implemented.
Additional members with relevant experience will also be appointed to the SCT board, according to the statement.
Small businesses have “a range of interactions with superannuation providers when making superannuation payments and other arrangements on behalf of their employees”, Mr Bradbury stated.
“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,” he said.
Mr Gray said the 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,” he said.
