Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1   Initial amendments

Part 2   Other amendments

Division 1   Amendments

National Consumer Credit Protection Act 2009

105   Subsections 80(5) and (6)

Repeal the subsections, substitute:

(5) ASIC may make a banning order against a person without giving the person the opportunities mentioned in subsection (4) if:

(a) either:

(i) ASIC has not delegated its power to make the banning order to a Financial Services and Credit Panel; or

(ii) ASIC exercises its power to make the banning order despite such a delegation; and

(b) subsection (6) or (6A) applies.

Note: See section 34AB of the Acts Interpretation Act 1901 (effect of delegation).

(6) This subsection applies if:

(a) ASIC's grounds for making a banning order against a person include that ASIC has suspended or cancelled a licence of the person (see paragraph (1)(a)); and

(b) the suspension or cancellation took place without a hearing under section 54.

(6A) This subsection applies if:

(a) ASIC's grounds for making a banning order against a person include that the person has been convicted of fraud (see paragraph (1)(c)); and

(b) the person has been convicted of serious fraud.