Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As I indicated when I moved the amendments, the amendments are essentially of a technical nature and respond to key concerns raised by superannuation consumer stakeholders. Given the question asked, let me go through the amendments in detail. Three amendments change or add wording to the AFCA bill to make it consistent with the language from the existing Superannuation (Resolution of Complaints) Act 1993. One amendment provides AFCA with the power to issues directions aimed at protecting the confidentiality of information in certain circumstances. The amendment also allows AFCA to give directions as to the persons who may be present at certain meetings. This power is supported by a penalty provision. A similar provision is currently in the Superannuation (Resolution of Complaints) Act 1993. One amendment to the AFCA bill includes an ongoing requirement that the AFCA board have an independent chair. Another amendment corrects a typographical error in the bill. In direct answer to the question: these amendments do not go to the funding of the new body; they go directly to the technical issues that I've outlined.