Financial Sector Reform (Hayne Royal Commission Response No. 3) Bill 2021

Originating house
House of Representatives
Not Proceeding
Parliament no

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Introduced with the Financial Accountability Regime Bill 2021, Financial Services Compensation Scheme of Last Resort Levy Bill 2021 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2021, the bill amends: 12 Acts to make amendments consequential on the new financial accountability regime; Australian Prudential Regulation Authority Act 1998 and Banking Act 1959 to make amendments consequential on the end of the banking executive accountability regime; and the Corporations Act 2001, Australian Securities and Investments Commission Act 2001 and National Consumer Credit Protection Act 2009 to establish the financial services compensation scheme of last resort to provide compensation to eligible consumers where the Australian Financial Complaints Authority has made a determination in their favour that remains unpaid.


House of Representatives
Introduced and read a first time 28 Oct 2021
Second reading moved 28 Oct 2021
Lapsed at dissolution 11 Apr 2022

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest


Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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