Bill
Financial Accountability Regime (Consequential Amendments) Bill 2023
passed, as at 2023-09-14. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2023-03-08
- second reading — 2023-03-08
- other — 2023-03-21
- second reading — 2023-03-21
- second reading — 2023-03-21
- other — 2023-03-22
- third reading — 2023-03-22
- introduced — 2023-03-22
- second reading — 2023-03-22
- second reading — 2023-09-04
- second reading — 2023-09-04
- committee — 2023-09-04
- committee — 2023-09-05
- third reading — 2023-09-05
- passed — 2023-09-05
- royal assent — 2023-09-14
Divisions
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2023-03-08.
This bill is part of a package that creates a new accountability system for banks, insurers and superannuation funds.
The package would require those industries to meet higher standards of responsibility and face consequences for failures.
The main bill would start the day after Royal Assent, with banks subject to the regime six months later and insurers and superannuation funds 18 months later.
- The bill would amend other Acts to support the new accountability regime.
- The package would impose the regime on the banking industry six months after the main bill starts.
- The package would impose the regime on the insurance and superannuation industries 18 months after the main bill starts.
- New entrants to banking would be subject to the regime from when they become an ADI or non-operating holding company.
- New entrants to insurance or superannuation would be subject to the regime from when they become licensed.
Banks, insurers and superannuation funds, and their new entrants.
Sources
em
billhome
frl act