The Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 has been passed. The Act reforms review mechanisms for administrative decisions made by the Australian Prudential Regulation Authority (APRA). (The Bill is here) Act as passed
The Act includes measures to:
- Introduce a court-based process for the disqualification of an individual under legislation administered by APRA;
- Streamline APRA’s directions powers;
- Remove the need for ministerial consent from certain matters, and
- Expand the availability of merits review for certain decisions
The Act affects decisions under:
- the Banking Act 1959
- Insurance Act 1973
- Life Insurance Act 1995
- Retirement Savings Accounts Act 1997
- Superannuation Industry (Supervision) Act 1993
- Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007
