ASIC has updated its guidelines for words which require APRA consent in order to be included in a proposed name for a company or business name.
Names relating to financial businesses for use of which consent is required from APRA include:
- ADI (except where “adi” is used as part of another word eg traditional);
- Authorised Deposit-Taking Institution;
- Building Society;
- Credit Society;
- Credit Union;
- Friendly Society (in relation to the conduct of a financial business).
APRA’s guidelines for use of words under section 66 of the Banking Act can be downloaded here.
APRA has previously obtained court orders preventing unauthorised financial businesses from calling themselves and acting like a ‘bank’.