What’s ahead in 2010 for finance industry regulation?

Put these dates in your 2010-2011 calendars now if you haven’t already started planning:

1 January 2010

  • new Banking, Finance and Insurance Award 2010 and National Employment Standards  come into effect
  • Austrac compliance reports for 2009 business activities must be lodged between 1 January and 31 March 2010.

1 April 2010:

  • New APS 510 remuneration standards commence
  • Consumer credit provider registration starts (registration closes 30 June 2010)

1 July 2010:

  • Australian Consumer Law – unfair contract terms commences
  • National Credit Code commences; Suitability assessments required for non-ADI’s or RFC’s
  • Applications for Australian Credit Licence (ACL) open (applications close 31 December 2010)

Second half of 2010 (likely)

  • Bankruptcy amendment increasing the minimum amount for which a creditor can petition for bankruptcy from $2,000 to $10,000
  • Extension of Do Not Call Register to all Australian telephone and fax numbers , including individuals, businesses, government and organisations.

1 January 2011

  • Responsible lending (ADI’s and registered finance companies) starts.
  • Commencement of new privacy credit reporting laws.

May 2011

  • New Personal Property Securities law.
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