The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that certain provisions of financial services industry codes be made ‘enforceable code provisions’ and that the law provide for the establishment of mandatory financial services industry codes.
This Bill amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to strengthen the existing legislative framework for financial services industry codes of conduct to allow the Australian Securities and Investments Commission to designate enforceable code provisions which, if breached, may attract civil penalties, and to create a new mandatory code of conduct framework.
These amendments implement Recommendation 1.15 of the Financial Services Royal Commission.
You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Financial Services Reform Taskforce
Parkes ACT 2600
Phone: Danny Namgyal +61 2 6263 2111