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Bills of the current Parliament

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Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Bill 2019


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Gives effect to certain recommendations of the Financial Services Royal Commission by amending the: Australian Securities and Investments Commission Act 2001 (ASIC Act) and Insurance Contracts Act 1984 (IC Act) to enable the unfair contract terms regime under the ASIC Act to apply to insurance contracts covered by the IC Act; ASIC Act and Corporations Act 2001 to specify that the consumer protection provisions of the ASIC Act apply to funeral expenses policies; National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 to: require mortgage brokers to act in the best interests of consumers and give priority to consumers in certain circumstances where there is a conflict of interest; provide that mortgage brokers and mortgage intermediaries must not accept conflicted remuneration; prohibit employers, credit providers and mortgage intermediaries from giving conflicted remuneration to mortgage brokers or mortgage intermediaries; and enable the circumstances in which the prohibition on conflicted remuneration applies to be prescribed by regulation; and National Consumer Credit Protection Act 2009 to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 28/11/19  
Second reading moved 28/11/19  
Second reading debate 05/02/20  
Second reading agreed to 05/02/20  
Third reading agreed to 05/02/20  
     
Senate
Introduced and read a first time 05/02/20  
Second reading moved 05/02/20  
Second reading debate 06/02/20  
Second reading agreed to 06/02/20  
Third reading agreed to 06/02/20  
     
Finally passed both Houses 06/02/20  
Assent 17/02/20 Act no: 2 - Year: 2020
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Replacement explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Considered by scrutiny committee (05/12/2019): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 1 of 2020
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)