House of Representatives
Financial Sector Reform (Hayne Royal Commission Response - Protecting Consumers (2019 Measures)) Bill 2019
Replacement Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)This memorandum replaces the Explanatory Memorandum presented to the House of Representatives on 28 November 2019.
Glossary
The following abbreviations and acronyms are used throughout this Explanatory Memorandum.
| Abbreviation | Definition |
| ASIC | Australian Securities and Investments Commission |
| Bill | Financial Sector Reform (Hayne Royal Commission Response - Protecting Consumers (2019 Measures)) Bill 2019 |
| Credit Act | National Consumer Credit Protection Act 2009 |
| Duty of the utmost good faith | Duty of the utmost good faith found in sections 12 - 15 of the Insurance Contracts Act 1984. |
| Final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry | Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Final Report, Volume 1, February 2019. |
| Financial Services Royal Commission | Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry |
| Unfair contract terms regime | Unfair contract terms regime found in sections 12BF - 12BM of the Australian Securities and Investments Commission Act 2001. |