Financial Intermediaries Act 1996 - Queensland

Description

The object of this legislative instrucment is to regulate the formation and operation of cooperative housing societies.

The Act deals with the administrative and management structures, functions and responsibilities of these financial institutions.

It also establishes the Registrar of Co operative Housing Societies as the State supervisory authority for these societies and details its powers and functions, including investigation and prosecution of offences under the Act and the imposition of penalties.

The following Subordinate Legislation should be examined:

  • Financial Intermediaries Regulation 2007

The following Guides or Booklets are available:

  • Prudential Standards (relating to the affairs and operations of societies)

These are available only from the Registrar.

Service type

Regulatory Obligation

An obligation defined in law. A business must comply with relevant services.

Lodgement process

Comply

Compliance Mechanisms and Penalties:

The Registrar of Cooperative Housing Societies has the authority to make standards relating to the business and affairs of societies and to their supervision. Societies must comply with all relevant standards.

The Registrar has extensive powers to enforce compliance with the provisions of the Act. These include suspending the operations of a society, appointing an administrator to conduct its affairs or a liquidator if necessary. It may also appoint inspectors to monitor compliance and investigators to conduct special investigations into the affairs of societies.

Offences against the Act may lead to prosecutions in the Supreme Court.

Penalties include substanial fines and/or imprisonment.

Appeal process

Lodgement

Review or Appeal Mechanisms:

Written requests may be made to the Registrar by a person affected by its decision for a review of that decision. The person is entitled to appear and make a submission to the review proceedings.

An appeal against a review decision may be made to the Queensland Civil and Administrative Tribunal.

Administering agency

Queensland Treasury

Queensland Treasury Corporation

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

The Registrar of Co-operative Housing Societies

Queensland Treasury Corporation

Queensland Treasury

Operating address: Level 6
123 Albert Street
Brisbane, Queensland 4000
Mailing address: GPO Box 1096
Brisbane, Queensland 4001
Phone: 07 3842 4600
Fax: 07 3221 4122