The Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill re-introduced

The Government has re-introduced into the Parliament  The Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008 which lapsed when the election was called last year. It amends financial sector legislation to ensure that individuals and entities can seek appropriate review of APRA’s decisions, while ensuring that APRA is still able to act decisively to address prudential risks. The measures include:

• the introduction of a court‑based process for disqualifying an individual from operating an entity regulated by APRA;
• enhanced flexibility and consistency through streamlined directions powers;
• removal of the requirement for ministerial consent for certain APRA decisions which do  not involve broader policy issues; and
• an expansion of the availability of merits review for APRA decisions.

The Bill follows a consultation paper last year.