How does the law protect me if someone in a super fund breaches their duty?

In Plain English

Based on the provided information, here's how the law offers some protection if someone in a super fund breaches their duty:

Keeping Records: Trustees must keep copies of reports given to fund members for at least 10 years and make them available for inspection by the Regulator (Superannuation Industry (Supervision) Act 1993).
Reporting Problems: Trustees must immediately notify the Regulator in writing if they become aware of an event that significantly harms the fund's financial position (Superannuation Industry (Supervision) Act 1993).
Informing the Regulator: Certain individuals who suspect a breach of duty within a superannuation fund are obligated to report it to the Regulator (Superannuation Industry (Supervision) Act 1993).
AFCA Complaint: You can lodge a complaint with the Australian Financial Complaints Authority (AFCA) if you believe a decision made by the superannuation fund is unfair or unreasonable (Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018). AFCA can then make a determination to vary the decision or set aside the decision (Corporations Act 2001).
Regulator Investigations: The Regulator can investigate superannuation entities if there's a potential breach or if the fund's financial position is unsatisfactory (Superannuation Industry (Supervision) Act 1993).
Directions from the Regulator: The Regulator can issue directions to trustees to address or prevent contraventions of regulations or standards related to superannuation data and payments (Superannuation Legislation Amendment (Stronger Super) Act 2012).

Detailed Explanation

The legislation provides several mechanisms to protect members and beneficiaries of superannuation funds in cases of a breach of duty:

Record Keeping (Section 105 of the Superannuation Industry (Supervision) Act 1993): This section mandates that trustees maintain copies of member reports for at least 10 years and make them available for inspection by the Regulator. This ensures transparency and accountability, allowing the Regulator to monitor compliance and investigate potential breaches. Failure to comply is an offence of strict liability, punishable by a penalty.
Notification of Significant Adverse Events (Section 106 of the Superannuation Industry (Supervision) Act 1993): Trustees are legally obligated to immediately inform the Regulator in writing if they become aware of any event that could significantly harm the fund's financial standing. This enables the Regulator to take swift action to protect the interests of fund members.
Whistleblower Protection (Section 129 of the Superannuation Industry (Supervision) Act 1993): This section encourages individuals to report suspected breaches of the Superannuation Industry (Supervision) Act 1993 to the trustee or the Regulator. It also protects those who report in good faith from civil liability.
AFCA's Role (Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018 and Corporations Act 2001): Individuals can lodge a superannuation complaint with AFCA if they believe a decision is unfair or unreasonable. AFCA has broad powers to resolve these complaints, including the ability to join parties to the complaint (Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018), obtain information and documents (Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018), and make determinations that can vary or set aside decisions (Corporations Act 2001).
Regulator's Investigative Powers (Section 263 of the Superannuation Industry (Supervision) Act 1993): The Regulator has the authority to investigate superannuation entities if it appears that a contravention of the Superannuation Industry (Supervision) Act 1993, regulations, or prudential standards may have occurred, or if the financial position of the entity is unsatisfactory.
Directions from the Regulator (Sections 34P and 34Q of the Superannuation Legislation Amendment (Stronger Super) Act 2012): The Regulator can direct trustees or employers to take specific actions to address or prevent contraventions of regulations or standards related to superannuation data and payments. Failure to comply with these directions can result in administrative penalties and strict liability offences.