Summary
Amends the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993, Retirement Savings Accounts Act 1997, Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 and Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 to introduce a court-based process for disqualifying an individual from operating an Australian Prudential Regulation Authority (APRA) regulated entity; Banking Act 1959, Insurance Act 1973 and Life Insurance Act 1995 in relation to APRA’s specific direction powers; Superannuation Industry (Supervision) Act 1993 to incorporate a materiality test into the trigger for APRA to issue a direction to freeze assets of a superannuation entity; Insurance Act 1973, Life Insurance Act 1995 and Superannuation Industry (Supervision) Act 1993 to remove ministerial consent from administrative decisions made by APRA or the Australian Taxation Office (ATO) under those Acts; Banking Act 1959, Financial Sector Collection of Data Act 2001, Insurance Act 1973, Life Insurance Act 1995 and Superannuation Industry (Supervision) Act 1993 to apply merits review to appropriate decisions made by APRA or the ATO; and makes consequential amendments to other Acts.