Bill
Financial Sector Reform Bill 2022
passed, as at 2022-12-12. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2022-09-08
- second reading — 2022-09-08
- second reading — 2022-09-28
- second reading — 2022-09-28
- third reading — 2022-09-28
- introduced — 2022-10-25
- second reading — 2022-10-25
- second reading — 2022-12-01
- third reading — 2022-12-01
- other — 2022-12-02
- other — 2022-12-02
- passed — 2022-12-02
- royal assent — 2022-12-12
Divisions
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2022-09-08.
This bill is part of a package that would create new accountability rules for banks, insurers and superannuation funds, and its schedules make changes to other laws to support that framework.
The main mechanism is the Financial Accountability Regime Bill 2022, which would force these industries to meet higher responsibility standards, with this bill making the necessary consequential amendments.
The new rules would apply to banks six months after the main bill starts, and to insurers and superannuation providers 18 months after its commencement.
- Consequential amendments would be made to relevant Acts to support the accountability regime.
- The bill's schedules would commence at the same time as the Financial Accountability Regime Bill 2022.
- Amendments under this bill would take effect when the regime applies to the banking industry, six months after the main bill starts.
The banking, insurance and superannuation industries and their new entrants would be affected.
Sources
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billhome
frl act