Compilation #1 | Effective 2022-08-10
FRBR Work URI: /akn/au/act/2018/13
This Act is the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
The Minister must cause an independent review of the operation of the amendments made by this Act to be undertaken as soon as practicable after 18 months after the day on and after which, under item 58 of Schedule 1 to this Act, the amendments made by Part 4 of Schedule 1 to this Act apply.
(2) The review must take into account feedback, provided by complainants under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 as amended by this Act), relating to whether their complaints were resolved in a way that was fair, efficient, timely and independent.
Note: Paragraph 1051(4)(b) of the Corporations Act 2001 as amended by this Act provides that one of the operational requirements for the AFCA scheme is that complaints against members of the scheme are resolved in a way that is fair, efficient, timely and independent.
The review must also specifically examine the appropriateness of limits on:
(a) the value of claims that may be made under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 as amended by this Act); and
the value of remedies that may be determined under that scheme;
in relation to disputes about credit facilities provided to primary production businesses, including agriculture, fisheries and forestry businesses.
The Minister must cause a written report about the review to be prepared.
The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.
The report is not a legislative instrument.