Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill

Members' bills are bills introduced by members who are not Ministers. Every second Wednesday the House gives precedence to local, private, and members' bills. On these days members' bills are debated.

At least eight members' bills awaiting first reading must be on the Order Paper on each members' day. When a space on the Order Paper becomes available, a ballot is held to decide which members' bill(s) will be introduced. Members enter bills in the ballot by lodging notices of proposal with the House Office and providing a copy of the proposed bill. This can be done on any working day. The proposed bill is then posted on the website and members can publicly indicate their support for the bill prior to the ballot.

If 61 or more non-executive members indicate support for a member’s bill, the bill will be introduced without needing to be selected through the ballot.

This bill amends the Financial Markets (Conduct of Institutions) Amendment Act 2022 to place a new duty on financial institutions to provide financial services to customers except in situations based on law or for valid and verifiable commercial grounds.