Update on non-ADI rule making powers
The ASF expects that legislative changes to give APRA additional powers to make rules regarding non-ADI lending activities are currently being progressed, in conjunction with a number of other Government measures which are likely to be introduced in the current Parliamentary sitting period.
Following consultations with the ASF working group, Treasury have made a number of amendments in line with industry feedback, which we anticipate will deal with the core concerns we raised during consultation. We expect that the Treasurer will continue to publicly make clear that the changes are intended to provide APRA with “a reserve power”.
Following the passage of the legislation, the ASF will liaise with Treasury and APRA with regard to the new registration / data collection regime under the Financial Services Collection of Data Act (FSCODA).
Treasury advise that the ASF’s constructive consultation on these measures has been very helpful. Though the outcome may not be the best result from an industry perspective, the consultation has hopefully delivered a result which is much more palateable to industry than the initial draft legislation, whilst still satisfying the Government’s policy objectives.
For more details please contact Robert Gallimore.
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