Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:1_12a
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 1 cl 12A
Character Range: 22272–24300

12A  Functions and powers—non‑national scheme laws

 (1) The Commission has the functions and powers that are conferred on it by or under the following Acts:
 (a) the Insurance Act 1973;
 (b) the Insurance (Agents and Brokers) Act 1984;
 (c) the Insurance Contracts Act 1984;
 (d) the Superannuation (Resolution of Complaints) Act 1993;
 (e) the Life Insurance Act 1995;
 (f) the Retirement Savings Accounts Act 1997;
 (g) the Superannuation Industry (Supervision) Act 1993.

 (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system.

 (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by:
 (a) promoting the adoption of approved industry standards and codes of practice; and
 (b) promoting the protection of consumer interests; and
 (c) promoting community awareness of payments system issues; and
 (d) promoting sound customer‑banker relationships, including through:
 (i) monitoring the operation of industry standards and codes of practice; and
 (ii) monitoring compliance with such standards and codes.

 (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth.

 (5) The Commission may:
 (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and
 (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3).

 (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.

Note: The heading to section 11 is altered by adding at the end "—national scheme laws".