Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

Summary

Amends: the Corporations Act 2001 and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the Superannuation (Resolution of Complaints) Act 1993 and makes consequential amendments to 11 Acts.

Progress

Senate
Introduced and read a first time	14 Sep 2017
Second reading moved	14 Sep 2017
Second reading debate	05 Dec 2017
Second reading debate	06 Dec 2017
Second reading agreed to	06 Dec 2017
Committee of the Whole debate Amendment details: 17 Government and 3 Australian Greens agreed to	06 Dec 2017
Third reading debated	06 Dec 2017
Third reading agreed to	06 Dec 2017

House of Representatives
Introduced and read a first time	07 Dec 2017
Second reading moved	13 Feb 2018
Second reading debate	13 Feb 2018
Referred to Federation Chamber	13 Feb 2018
Second reading debate	13 Feb 2018
Second reading agreed to	13 Feb 2018
Reported from Federation Chamber	14 Feb 2018
Third reading agreed to	14 Feb 2018


Finally passed both Houses	14 Feb 2018
Assent Act no: 13 Year: 2018	05 Mar 2018

Documents and transcripts

Text of bill

First reading

Third reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Revised explanatory memorandum

Supplementary explanatory memorandum

Transcript of speeches

Proposed amendments

Senate

[sheet 8341]
ANNING, Sen Fraser

Australian Greens [sheet 8314]
WHISH-WILSON, Sen Peter

Government [sheet HU185]

Government [sheet HU180]

Opposition [sheet 8284]
GALLAGHER, Sen Katy

Pauline Hanson's One Nation [sheet 8323 revised]
GEORGIOU, Sen Peter

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

Referred to Committee (14/09/2017): Senate Economics Legislation Committee; Committee report (17/10/2017)
Considered by scrutiny committee (18/10/2017): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 1 of 2018
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

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.