Summary
Introduced with the Financial Accountability Regime Bill 2022, Financial Services Compensation Scheme of Last Resort Levy Bill 2022 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2022, the bill amends: 12 Acts to make amendments consequential on the new financial accountability regime; the
Australian Prudential Regulation Authority Act 1998
and
Banking Act 1959
to make amendments consequential on the end of the banking executive accountability regime; the
Corporations Act 2001
,
Australian Securities and Investments Commission Act 2001
and
National Consumer Credit Protection Act 2009
to establish the financial services compensation scheme of last resort to provide compensation to eligible consumers where the Australian Financial Complaints Authority has made a determination in their favour that remains unpaid; the
National Consumer Credit Protection Act 2009
to impose additional obligations on providers of small amount credit contracts and consumer leases; and the
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
to include application provisions.