Banking and Finance Point-in-Time Service Updates

Monday 12 July 2021 @ 1.13 p.m.

The Banking and Finance Point-in-Time Service has been updated to include the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Act 2021 (Cth) (Act 64 of 2021) and the Treasury Laws Amendment (2021 Measures No. 4) Act 2021 (Cth) (Act 72 of 2021).

Act 64 of 2021

The Financial Regulator Assessment Authority Act 2021 and this Act give effect to recommendations 6.13 and 6.14 of the Financial Services Royal Commission by establishing the Financial Regulator Assessment Authority to assess the effectiveness and capability of each of APRA and ASIC. This Act makes amendments consequential to the enactment of the Financial Regulator Assessment Authority Act 2021.    

Act 72 of 2021

Schedule 4 to the Act amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to provide that ASIC is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration paid or payable as remuneration by a retail client or consumer to a person, including the provider (or their associates) of a financial product or a credit product.

These amendments have been updated in the Point-in-Time Banking and Finance Service current to 11 July 2021. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.