Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth)

Financial Sector Reform (Hayne Royal Commission Response) Act 2020

No. 135, 2020

An Act to amend the law in relation to the financial sector, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Enforceable code provisions Corporations Act 2001 National Consumer Credit Protection Act 2009 Schedule 2—Insurer avoidance of life insurance contracts, and duty to take reasonable care not to make a misrepresentation Part 1—Insurer avoidance of life insurance contracts Insurance Contracts Act 1984 Part 2—Duty to take reasonable care not to make a misrepresentation Insurance Contracts Act 1984 Schedule 3—Deferred sales model for add‑on insurance Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Schedule 4—Caps on commissions Australian Securities and Investments Commission Act 2001 National Consumer Credit Protection Act 2009 Schedule 5—Hawking of financial products Part 1—Main amendments Corporations Act 2001 Part 2—Other amendments Competition and Consumer Act 2010 Corporations Act 2001 Schedule 6—Use of terms "insurance" and "insurer" Insurance Act 1973 Schedule 7—Claims handling and settling services Corporations Act 2001 Schedule 8—Trustees of registrable superannuation entities should have no other duty Superannuation Industry (Supervision) Act 1993 Schedule 9—Adjustment of APRA and ASIC's roles in superannuation Part 1—Adjustments relating to industry supervision Superannuation Industry (Supervision) Act 1993 Part 2—Adjustments relating to financial services Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Superannuation Industry (Supervision) Act 1993 Schedule 10—Reference Checking and Information Sharing Protocol Corporations Act 2001 National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 Schedule 11—Breach reporting and remediation Corporations Act 2001 National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 Schedule 12—Statutory obligation to cooperate and formalising ASIC meeting procedures Part 1—Cooperation obligation Australian Prudential Regulation Authority Act 1998 Australian Securities and Investments Commission Act 2001 Part 2—Financial regulator information Australian Prudential Regulation Authority Act 1998 Australian Securities and Investments Commission Act 2001 Insurance Act 1973 Life Insurance Act 1995 Part 3—ASIC meeting procedures Australian Securities and Investments Commission Act 2001