Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)

Schedule 1   Financial Claims Scheme

Part 3   Amendment of the Australian Prudential Regulation Authority Act 1998

38   Subsection 8(1)

Repeal the subsection, substitute:

(1) APRA exists for the following purposes:

(a) regulating bodies in the financial sector in accordance with other laws of the Commonwealth that provide for prudential regulation or for retirement income standards;

(b) administering the financial claims schemes provided for in the Banking Act 1959 and the Insurance Act 1973;

(c) developing the administrative practices and procedures to be applied in performing that regulatory role and administration.