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Second Reading Speeches

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

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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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.