With the passage of important legislation in November, it is worth updating the list of new obligations starting in 2012 (subject to change!):
1 January 2012
- standard ACL wording in warranties against defects
- new home loan key facts sheet starts
- new national work health and safety laws
- new unconscionable conduct rules start (estimated)
- Super funds and RSA providers can use TFN’s to identify and consolidate accounts
30 January 2012
- PPS Register starts
1 February 2012
- new deposit guarantee limit starts
1 April 2012
- deadline for credit licensees to commence use of Australian Credit Licence numbers
1 July 2012
- consolidated APRA prudential standards take effect
- new national system for business names registration
- Financial advice reforms due to start
- new credit card disclosure provisions start
- new reverse mortgage rules start
- New account switching rules
- new hardship loan variation rules
- new consumer leases rules
- new small amount credit contract rules
- new national Not For Profits Regulation starts
- new price signalling laws for banking sector (estimated)
- carbon pricing scheme commences
