Notice of name change of ADI 2023 – Australian Central Credit Union Limited

Overview

The Notice of Name Change of ADI 2023 – Australian Central Credit Union Limited, gazetted on 7 March 2023, concerns the alteration of the name of Australian Central Credit Union Limited, a financial institution authorised to conduct banking business in Australia under the Banking Act 1959. This legislation was enacted to provide comprehensive regulation of the banking sector in Australia, ensuring stability and consumer protection. Renée Roberts, as a delegate of the Australian Prudential Regulation Authority (APRA), has determined that the institution has legally changed its name to Heritage and People’s Choice Limited. This change is effective from the date of the notice, and the section 9 authority now applies to the institution under its new name. The purpose of this notice is to inform the public and relevant stakeholders of the change in accordance with the legislative requirements, ensuring that the institution continues to operate under the appropriate regulatory framework.

Scope and Application

The notice of name change for Australian Central Credit Union Limited, as published in the Gazette under the authority of Renée Roberts, an Executive Director of the Australian Prudential Regulation Authority (APRA), is a formal acknowledgment of the institution's transition to Heritage and People’s Choice Limited. This notification is issued under the provisions of the Banking Act 1959, specifically paragraph 9B(1)(b), which empowers APRA to delegate certain functions related to the regulation of authorised deposit-taking institutions (ADIs). The act applies to Australian Central Credit Union Limited, which holds a section 9 authority to conduct banking business in Australia, and now, to its successor entity, Heritage and People’s Choice Limited, following the change in name. The geographic scope of this application is national, as it pertains to an institution authorised to operate under Australian law. There are no exclusions, exemptions, or thresholds mentioned in the notice, and the change of name is effective from the date of publication, 7 March 2023. The notice confirms that the section 9 authority remains in effect under the new corporate name, ensuring continuity in regulatory oversight and compliance with banking legislation.

Key Provisions

The notice of name change for Australian Central Credit Union Limited, published in the Gazette on 7 March 2023, sets out the key provisions of the Banking Act 1959 (the Act) in relation to the change of name for an authorised deposit-taking institution (ADI). Under the authority granted by paragraph 9B(1)(b) of the Act, Renée Roberts, as an Executive Director of the Banking Division of the Australian Prudential Regulation Authority (APRA), has confirmed that Australian Central Credit Union Limited, which holds a section 9 authority to carry on banking business in Australia, has changed its name to Heritage and People’s Choice Limited. This change becomes effective from the date of publication of this notice, aligning with the provisions of the Act. The notice imposes certain obligations on the parties involved. Specifically, APRA is mandated to publish this instrument in the Gazette, ensuring that the change of name is officially documented and accessible to the public. Additionally, APRA has the discretion to publish this notice in any other manner it deems appropriate, thereby ensuring the widest possible dissemination of the information. The section 9 authority of the institution is treated as if it had been granted to the body corporate under its new name, Heritage and People’s Choice Limited, from the date of publication of the notice. This ensures continuity in the institution's authority to conduct banking business in Australia under its new name. In terms of potential breaches and consequences, the notice does not explicitly detail offences, penalties, or civil/criminal consequences for non-compliance with the notification requirements. However, given the regulatory nature of the Banking Act 1959, any failure to properly notify or document a name change could potentially lead to regulatory scrutiny or enforcement actions by APRA. The Act provides for a range of penalties for breaches, which could include fines and other administrative actions, depending on the severity and impact of the non-compliance. Although specific maximum penalties are not outlined in this notice, it is understood that APRA has the authority to impose appropriate sanctions in line with the Act’s provisions.