Financial Sector Reform Bill 2022

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.
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