Commonwealth Numbered Regulations Commonwealth Numbered RegulationsPart 1 -- Amendments relating to requiring membership of the AFCA scheme
1 Subregulation 7.6.02(5)
Omit "paragraph 912A(2)(b)", substitute "paragraphs 912A(2)(b) and (c)".
2 Paragraph 7.6.02AAA(1)(a)
After "paragraph 912A(2)(b)", insert "or (c)".
3 In the appropriate position in Chapter 10
Insert:
10.27.01 Membership of the AFCA scheme
The amendments made by items 1 and 2 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 44 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 3 of Schedule 1 to that Act apply.
National Consumer Credit Protection Regulations 2010
4 Subregulation 3(1)
Insert:
"AFCA scheme " has the same meaning as in Chapter 7 of the Corporations Act 2001 .
5 Paragraph 12(1)(a)
After "Act", insert ", and of the AFCA scheme".
6 Regulation 16
Omit "'scheme'", substitute "'the AFCA scheme'".
7 Paragraph 23B(1)(c)
After "scheme", insert "and the AFCA scheme".
8 After paragraph 23C(1)(c)
Insert:
(ca) it is a member of the AFCA scheme; and
9 After paragraph 29(1)(g)
Insert:
(ga) whether the licensee is a member of the AFCA scheme;
10 After paragraph 29(3)(h)
Insert:
(ha) whether the credit representative is a member of the AFCA scheme;
11 After paragraph 29(4)(g)
Insert:
(ga) whether the registered person is a member of the AFCA scheme;
12 At the end of subregulation 30A(1)
Add:
; (g) whether the lender is a member of the AFCA scheme.
13 In the appropriate position in Part 6-3
Insert:
The amendments made by items 4 to 12 and item 14 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 44 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 3 of Schedule 1 to that Act apply.
14 Items 2.17 of Schedule 2 (paragraph 47(1)(f)), 2.23 of Schedule 2 (subsection 49(3A)) and 2.27 of Schedule 2 (subsection 52(1))
After "scheme", insert "and the AFCA scheme".
Part 2 -- Amendments relating to closing off existing external dispute resolution schemes
National Consumer Credit Protection Regulations 2010
15 Regulation 28 (heading)
Repeal the heading, substitute:
28 Credit guide of credit representatives--contact details for the AFCA scheme
16 Regulation 28
Omit "an approved external dispute resolution scheme" (wherever occurring), substitute "the AFCA scheme".
17 Subregulation 28B(3)
Omit "an approved external dispute resolution scheme", substitute "the AFCA scheme".
18 Subregulation 28B(3) (note)
Omit "an approved external dispute resolution scheme", substitute "the AFCA scheme".
19 Paragraph 28N(1)(a)
Omit "approved external dispute resolution scheme of which the person is a member", substitute "AFCA scheme".
20 Subregulation 28N(3) (note)
Omit "an approved external dispute resolution scheme", substitute "the AFCA scheme".
21 Paragraph 28P(2)(b)
Omit "an approved external dispute resolution scheme--the person's contact details for access to the scheme of which the person is a member", substitute "the AFCA scheme--the contact details for access to the AFCA scheme".
22 Subregulation 28P(2) (note)
Omit "an approved external dispute resolution scheme", substitute "the AFCA scheme".
23 In the appropriate position in Part 6-3
Insert:
The amendments made by items 15 to 22 and items 24 to 28 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 58 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 4 of Schedule 1 to that Act apply.
24 Regulation 69C (heading)
Repeal the heading, substitute:
69C Exemption--requirement to disclose information about the AFCA scheme
25 Paragraphs 69C(1)(b) and (c)
Omit "an approved external dispute resolution scheme", substitute "the AFCA scheme".
26 Subparagraph 69C(1)(c)(i)
Repeal the subparagraph, substitute:
(i) subparagraph 72(4)(b)(iv);
27 Subparagraphs 69C(1)(c)(v) to (viii)
Repeal the subparagraphs, substitute:
(v) subparagraph 94(2)(b)(ii);
(vi) paragraph 102(1)(c);
(vii) subsection 136(2);
(viii) subsection 149(2);
(ix) subsection 175(1);
(x) subparagraph 177B(4)(b)(iv);
(xi) subsection 179C(2);
(xii) subparagraph 179D(2)(f)(ii);
(xiii) subparagraph 179H(2)(b)(ii).
28 Amendments of forms
Make the following amendments to Forms 5, 9, 10, 11, 11A, 12, 12A, 14, 15, 16, 17, 18 and 18A in Schedule 1:
(a) omit "your credit provider's external dispute resolution scheme" (wherever occurring), substitute "the AFCA scheme";
(b) omit "External dispute resolution is" (wherever occurring), substitute "The AFCA scheme is";
(c) omit "Your credit provider's external dispute resolution provider is (name of external dispute resolution provider) and" (wherever occurring), substitute "The AFCA scheme";
(d) omit "their external dispute resolution scheme" (wherever occurring), substitute "the AFCA scheme";
(e) omit "external dispute resolution scheme that your credit provider belongs to" (wherever occurring), substitute "AFCA scheme";
(f) omit "the credit provider's external dispute resolution scheme" (wherever occurring), substitute "the AFCA scheme";
(g) omit " YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION SCHEME " (wherever occurring), substitute " THE AFCA SCHEME ";
(h) omit " EXTERNAL DISPUTE RESOLUTION IS " (wherever occurring), substitute " THE AFCA SCHEME IS ";
(i) omit " YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION PROVIDER IS [ INSERT NAME OF EXTERNAL DISPUTE RESOLUTION PROVIDER ] AND " (wherever occurring), substitute " THE AFCA SCHEME ";
(j) omit "[ insert name of relevant external dispute resolution scheme ]" (wherever occurring), substitute "the AFCA scheme";
(k) omit "our external dispute resolution scheme for" (wherever occurring), substitute "the AFCA scheme for";
(l) omit "Our external dispute resolution scheme is [ insert name of external dispute resolution scheme ] and" (wherever occurring), substitute "The AFCA scheme";
(m) omit "[ insert name of EDR scheme ]" (wherever occurring), substitute "the AFCA scheme";
(n) omit "our external dispute resolution scheme, [ insert name of external dispute resolution scheme ]," (wherever occurring), substitute "the AFCA scheme";
(o) omit "If you go to [ insert name of external dispute resolution scheme ]" (wherever occurring), substitute "If you go to the AFCA scheme";
(p) omit "external dispute resolution scheme that your lessor belongs to" (wherever occurring), substitute "AFCA scheme".
Superannuation Industry (Supervision) Regulations 1994
29 Subregulation 1.03(1)
Insert:
"AFCA scheme " has the same meaning as in Chapter 7 of the Corporations Act 2001 .
30 Paragraph 2.36C(1)(h)
Repeal the paragraph, substitute:
(h) details of the AFCA scheme;
31 In the appropriate position in Part 14
Insert:
14.15 Arrangements relating to membership of existing external dispute resolution schemes
The amendments made by items 29 and 30 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 58 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 4 of Schedule 1 to that Act apply.
Superannuation (Resolution of Complaints) Regulations 1994
32 Regulation 3
Insert:
"AFCA scheme " has the same meaning as in Chapter 7 of the Corporations Act 2001 .
33 Regulation 6
Repeal the regulation, substitute:
For the purposes of subsection 22A(1) of the Act, the following bodies are prescribed:
(a) the operator of the AFCA scheme;
(b) a body that is responsible for dealing with disputes under an external dispute resolution scheme that complies with paragraph 912A(2)(b) of the Corporations Act 2001.
34 After regulation 7
Insert:
The amendments made by items 32, 33 and 35 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 58 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 4 of Schedule 1 to that Act apply.
35 Schedule 2
Repeal the Schedule.
36 Subregulations 7.6.02(3) and (4)
Repeal the subregulations.
37 Subregulation 7.6.02(5)
Omit "paragraphs 912A(2)(b) and (c)", substitute "paragraph 912A(2)(c)".
38 Paragraph 7.6.02AAA(1)(a)
Omit "a scheme (or schemes) mentioned in paragraph 912A(2)(b) or (c)", substitute "the scheme mentioned in paragraph 912A(2)(c)".
39 Subregulations 7.9.77(3) and (4)
Repeal the subregulations.
40 Regulation 10.2.47
Repeal the regulation.
41 Regulation 10.2.87
Repeal the regulation.
42 In the appropriate position in Part 10.27
Insert:
10.27.02 Membership of existing external dispute resolution schemes
The amendments made by items 36 to 39 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 72 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 5 of Schedule 1 to that Act apply.
National Consumer Credit Protection Regulations 2010
43 Subregulations 10(3) and (4)
Repeal the subregulations.
44 Paragraph 12(1)(a)
Omit "an approved external dispute resolution scheme (or schemes) mentioned in paragraph 47(1)(i) of the Act, and of".
45 Paragraph 23B(1)(c)
Omit "an approved external dispute resolution scheme and".
46 Paragraphs 23C(1)(c), 29(1)(g), 29(3)(h), 29(4)(g) and 30A(1)(f)
Repeal the paragraphs.
47 In the appropriate position in Part 6-3
Insert:
The amendments made by items 43 to 46 and item 48 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 72 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 5 of Schedule 1 to that Act apply.
48 Items 2.17 of Schedule 2 (paragraph 47(1)(f)), 2.23 of Schedule 2 (subsection 49(3A)) and 2.27 of Schedule 2 (subsection 52(1))
Omit "an approved external dispute resolution scheme and".
Superannuation (Resolution of Complaints) Regulations 1994
49 Regulation 6
Repeal the regulation, substitute:
For the purposes of subsection 22A(1) of the Act, the operator of the AFCA scheme is prescribed.
50 Regulation 8
Before "The amendments", insert "(1)".
51 At the end of regulation 8
Add:
(2) The amendments made by item 49 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 apply on and after the day, under item 72 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018 , on and after which the amendments made by Part 5 of Schedule 1 to that Act apply.