Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
47

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Summary

Introduced with the Financial Accountability Regime Bill 2023, Financial Accountability Regime (Consequential Amendments) Bill 2023, Financial Services Compensation Scheme of Last Resort Levy Bill 2023 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2023, the bill amends 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 in circumstances where an Australian Financial Complaints Authority determination awarding monetary compensation has been made in their favour, but which the relevant entity has not paid.

Progress

House of Representatives
Introduced and read a first time 08 Mar 2023
Second reading moved 08 Mar 2023
Second reading debate 21 Mar 2023
Referred to Federation Chamber 21 Mar 2023
Second reading debate 21 Mar 2023
Second reading agreed to 21 Mar 2023
Reported from Federation Chamber 22 Mar 2023
Third reading agreed to 22 Mar 2023
Senate
Introduced and read a first time 22 Mar 2023
Second reading moved 22 Mar 2023
Second reading agreed to 22 Jun 2023
Third reading agreed to 22 Jun 2023
Finally passed both Houses 22 Jun 2023
Assent
  • Act no: 46
  • Year: 2023
03 Jul 2023

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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