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Enforceability of financial services industry codes

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Date
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Consultation Type
Exposure Draft

Key Documents

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that certain provisions of financial services industry codes be made ‘enforceable code provisions’ and that the law provide for the establishment of mandatory financial services industry codes.

This Bill amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009365体育投注官网 to strengthen the existing legislative framework for financial services industry codes of conduct to allow the Australian Securities and Investments Commission to designate enforceable code provisions which, if breached, may attract civil penalties, and to create a new mandatory code of conduct framework. 

These amendments implement Recommendation 1.15 of the Financial Services Royal Commission.

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