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

Originating house
House of Representatives
Parliament no

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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.


House of Representatives
Introduced and read a first time 28 Nov 2019
Second reading moved 28 Nov 2019
Second reading debate 05 Feb 2020
Second reading agreed to 05 Feb 2020
Third reading agreed to 05 Feb 2020
Introduced and read a first time 05 Feb 2020
Second reading moved 05 Feb 2020
Second reading debate 06 Feb 2020
Second reading agreed to 06 Feb 2020
Third reading agreed to 06 Feb 2020
Finally passed both Houses 06 Feb 2020
  • Act no: 2
  • Year: 2020
17 Feb 2020

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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