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Home >> News >> Open Consultations: 26 May 2023

Open Consultations: 26 May 2023

Thursday 25 May 2023

 



Australian Prudential Regulation Authority
 
Consultation: Authorised deposit-taking institutions’ Points of Presence Review. Submit by 23 June 2023. 
 
Description: The Australian Prudential Regulation Authority (APRA) is reviewing its data collection publication following recommendation 7 in the Regional Banking Taskforce Final Report published last September:
 
Australian Prudential Regulation Authority (APRA) to commence 2022 a review of its Authorised Deposit-taking Institutions (ADI) Points of Presence collection to better capture indicators on how banking services are accessed, with public consultation in early 2023.
 
 
 
 
Australian Transaction Reports and Analysis Centre
 
Consultation: Modernising Australia’s anti-money laundering and counter-terrorism financing regime. Submit by 13 June 2023. 
 
Description: Apart from capturing Designated Non-Financial Businesses and Professions, financial crime compliance professionals might expect a simplified and modernised regime more in line with current international standards. 
 
 
 
Australian Treasury
 
Consultation: Treasury Laws Amendment (Measures for Consultation) Bill 2023: AFCA jurisdiction to hear superannuation matters. Submit by 16 June 2023.
 
Description:  This is a result of the decision made concerning MetLife v AFCA, where it was ruled that the Australian Financial Complaints Authority (AFCA) did not have jurisdiction to hear matters concerning section 1053(1), which explains when a superannuation complaint can be made under the AFCA scheme:

  (1)  A person may, subject to section 1056, make a complaint relating to superannuation under the AFCA scheme only if the complaint is a complaint:
                     (a)  that the trustee of a regulated superannuation fund or of an approved deposit fund has made a decision (whether before or after the commencement of this section) relating to:
                              (i)  a particular member or a particular former member of a regulated superannuation fund; or
                             (ii)  a particular beneficiary or a particular former beneficiary of an approved deposit fund;
                            that is or was unfair or unreasonable; or
                     (b)  that a decision, by a trustee maintaining a life policy that covers a member of a life policy fund, to admit the member to the fund was unfair or unreasonable; or
                     (c)  that the conduct (including any act, omission or representation) of an insurer, or of a representative of an insurer, relating to the sale of an annuity policy was unfair.
 
 
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