Notice by industry bodies of possible grounds for disciplinary action
40-100 Notice by industry bodies of possible grounds for disciplinary action
Industry body may lodge notice
An industry body may lodge with the Inspector‑General a notice in the approved form (an industry notice):
stating that the body reasonably suspects that there are grounds for the Inspector‑General:
to suspend the registration of a registered trustee under section 40‑25; or
to cancel the registration of a registered trustee under section 40‑30; or
to give a registered trustee a notice under section 40‑40 (a show‑cause notice); or
to impose a condition on a registered trustee under another provision of this Schedule; and
identifying the registered trustee; and
including the information and copies of any documents upon which the suspicion is founded.
Inspector‑General must consider information and documents
The Inspector‑General must consider the information and the copies of any documents included with the industry notice.
Inspector‑General must give notice if no action to be taken
If, after such consideration, the Inspector‑General decides to take no action in relation to the matters raised by the industry notice, the Inspector‑General must give the industry body written notice of that fact.
45 business days to consider and decide
The consideration of the information and the copies of any documents included with the industry notice must be completed and, if the Inspector‑General decides to take no action, a notice under subsection (3) given, within 45 business days after the industry notice is lodged.
Inspector‑General not precluded from taking action
The Inspector‑General is not precluded from:
suspending the registration of a registered trustee under section 40‑25; or
cancelling the registration of a registered trustee under section 40‑30; or
giving a registered trustee a notice under section 40‑40 (a show‑cause notice); or
imposing a condition on a registered trustee under another provision of this Schedule;
wholly or partly on the basis of information or a copy of a document included with the industry notice, merely because the Inspector‑General has given a notice under subsection (3) in relation to the matters raised by the industry notice.
Notice to industry body if Inspector‑General takes action
If the Inspector‑General does take action of the kind mentioned in subsection (5) wholly or partly on the basis of information or a copy of a document included with the industry notice, the Inspector‑General must give the industry body notice of that fact.
Notices are not legislative instruments
A notice under subsection (3) or (6) is not a legislative instrument.
This Act’s bill:Second reading speech
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