ASIC has issued a Class Order at the request of Westpac Bank by which Chief Executive Officers (CEOs) of certain local councils in remote Indigenous communities in the Northern Territory and Queensland
will not be required to obtain an AFSL or become an authorised
representative of Westpac in order to provide financial services in
relation to basic deposit products issued by Westpac. In addition, CEOs
will not be required to give a Financial Services Guide to each retail
client, to whom they provide those services.

ASIC explained:

"There are approximately 1,200 discrete Indigenous
communities in Australia, with most located in the Northern Territory
and Queensland. Most are classified as remote or very remote. Residents
in 52 per cent of these communities have to travel more than one hour
by road to access banking services (for 13 per cent it takes more than
five hours). For 10 per cent, the usual means of transport for
community members to access banking services is by boat or aircraft. (Statistics taken from Australian Bureau of Statistics, Housing & Infrastructure in ATSI Communities, 2001, www.abs.gov.au.)

Some local councils in remote Indigenous communities
in the Northern Territory and Queensland have adopted the role of
providing assistance and advice to residents within their communities
when they open basic bank accounts. This occurs where it is difficult
to access a bank branch. Westpac has, in the past, assisted local
councils in the Northern Territory and Queensland to provide this
service."