Central Bank (Supervision and Enforcement) Bill 2011

Public bill · Government · Presented

The measure would give the Central Bank stronger powers to supervise financial firms, investigate suspected wrongdoing and require independent reports, records and explanations. It would allow the Bank to inspect premises, issue directions to firms in financial difficulty or putting customers at risk, set rules on matters such as lending, complaints, customer information and recovery plans, and impose tougher penalties, including suspending or withdrawing authorisations. People who report suspected breaches in good faith would receive protection from lawsuits and workplace retaliation. The Bank could also warn the public about unauthorised providers, seek court orders to return money lost by customers, publish details of sanctions and cooperate more closely with regulators overseas.

Formal long title

Bill entitled an Act to further provide for the regulation and supervision of financial service providers and financial services; to further provide for the enforcement of financial services legislation; to provide for the protection of persons reporting breaches; for those and other purposes to provide for amendments to, and to further amend and extend, the Central Bank Acts 1942 to 2012 and certain other acts and statutory instruments, and to provide for related matters

Last updated 12 April 2018