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Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017


Type
Government
Originating house
Senate
Status
Act
Portfolio
Treasury

Summary

Amends: the Corporations Act 2001 and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the Superannuation (Resolution of Complaints) Act 1993 and makes consequential amendments to 11 Acts.

Progress of bill

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

Senate
Introduced and read a first time 14/09/17  
Second reading moved 14/09/17  
Second reading debate 05/12/17  
Second reading debate 06/12/17  
Second reading agreed to 06/12/17  
Committee of the Whole debate 06/12/17 Amendment details: 17 Government and 3 Australian Greens agreed to
Third reading debated 06/12/17  
Third reading agreed to 06/12/17  
     
House of Representatives
Introduced and read a first time 07/12/17  
Second reading moved 13/02/18  
Second reading debate 13/02/18  
Referred to Federation Chamber 13/02/18  
Second reading debate 13/02/18  
Second reading agreed to 13/02/18  
Reported from Federation Chamber 14/02/18  
Third reading agreed to 14/02/18  
     
Finally passed both Houses 14/02/18  
Assent 05/03/18 Act no: 13 - Year: 2018
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

Senate
  • [sheet 8341]
ANNING, Sen Fraser

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  • Australian Greens [sheet 8314]
WHISH-WILSON, Sen Peter

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  • Government [sheet HU185]

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  • Government [sheet HU180]

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  • Opposition [sheet 8284]
GALLAGHER, Sen Katy

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  • Pauline Hanson's One Nation [sheet 8323 revised]
GEORGIOU, Sen Peter

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (14/09/2017): Senate Economics Legislation Committee; Committee report (17/10/2017)
  • Considered by scrutiny committee (18/10/2017): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 1 of 2018
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)