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Tuesday, 4 November 2003
Page: 21939

Mr ROSS CAMERON (Parliamentary Secretary to the Treasurer) (4:36 PM) —I move:

That the amendments be agreed to.

The amendments to the Financial Sector Legislation Amendment Bill (No. 2) 2002 are made to three of the financial sector acts which the bill deals with. These amendments are largely technical in nature. The effect of, and reason for, the amendments are as follows. The amendments to the Banking Act have the effect of clarifying the implementation of the fit and proper purpose test which is to be applied by the Australian Prudential Regulation Authority, APRA, in its regulation of the banking sector. They refer to matters which APRA may take into account when making an assessment as to whether an affected person is fit and proper.

The amendment to the Superannuation (Resolution of Complaints) Act is the result of concerns expressed by stakeholders which had not been raised previously and which referred to the extension of the time limit on disability benefit applications from one to two years. The amendment to the Corporations Act is purely technical in nature and has the effect of deleting an item in the bill which has been made redundant as a result of other amendments to the Corporations Act contained in CLERP 7. There has been wide consultation with industry and with other government agencies. I commend the amendments to the House.