Overview

The Revocation of authority to carry on banking business 2026, published under the Banking Act 1959, addresses the revocation of the banking authority held by Ford Co-operative Credit Society Limited, an entity incorporated in Australia with ABN 74 087 651 456. Enacted by Peter Diamond, a delegate of the Australian Prudential Regulation Authority (APRA), this instrument was made following a written request from Ford Co-operative Credit Society Limited to revoke its section 9 authority to operate as a banking institution in Australia. The revocation was authorised on the basis that it would not compromise the national interest or the interests of the entity's depositors, and the instrument came into effect on the date it was issued. APRA is mandated to publicise the revocation through the Gazette and may also disseminate the notice through other appropriate channels. This legislative action is a response to the entity's formal request and aligns with APRA's duty to oversee and regulate the banking sector in Australia to maintain financial stability and protect the public interest.

Scope and Application

The Revocation of authority to carry on banking business 2026 – Ford Co-operative Credit Society Limited, made under the Banking Act 1959, applies specifically to Ford Co-operative Credit Society Limited, identified by its Australian Business Number 74 087 651 456. This revocation concerns the entity's section 9 authority to conduct banking business in Australia. The decision to revoke the authority was made following a written request from the body corporate to the Australian Prudential Regulation Authority (APRA), and after a determination by Peter Diamond, a delegate of APRA, that such revocation would not be detrimental to the national interest or the interests of the entity's depositors. The revocation instrument takes effect on the date of its creation, 15 June 2026. The Banking Act 1959 provides the legislative framework for this action, and APRA is mandated to publicise the revocation via the Gazette and potentially through other means. The instrument does not explicitly state any exclusions, exemptions, or thresholds, nor does it indicate any extension or restriction of application through subordinate instruments.

Key Provisions

The Revocation of Authority to Carry on Banking Business 2026 – Ford Co-operative Credit Society Limited instrument primarily revolves around the revocation of a section 9 authority of Ford Co-operative Credit Society Limited, as stipulated in the Banking Act 1959 (section 9A(1)). This revocation is effective from the date the instrument is made. The document specifically addresses the formal process of cancelling the authority of Ford Co-operative Credit Society Limited to operate as a banking institution in Australia, following a written request from the body corporate itself and the determination by Peter Diamond, a delegate of APRA, that such revocation would not be contrary to national interests or the interests of the depositors. Ford Co-operative Credit Society Limited, governed by this instrument, is subject to several obligations and requirements. Foremost, the body corporate must formally request the revocation of its banking authority in writing to APRA. Additionally, APRA, upon receiving such a request, is required to assess whether the revocation would be detrimental to the national interest or the depositors. Should APRA determine that the revocation is in the public interest, it must proceed to formally revoke the authority as stated in the Banking Act 1959. This process underscores the importance of ensuring that the interests of depositors and the broader national interest are safeguarded during the transition. The instrument outlines specific consequences and penalties for breaches of its provisions. While the document does not explicitly detail penalties for breaches, it is implicit that any circumvention of the stipulated process or failure to comply with the conditions set by APRA could result in legal repercussions. Under the Banking Act 1959, any unauthorised carrying on of banking business could lead to severe penalties, including fines and imprisonment, as prescribed by the Act. Furthermore, any actions taken in violation of the terms set out in this instrument could result in further regulatory scrutiny or sanctions from APRA. APRA is mandated to publish notice of the revocation in the Gazette, ensuring transparency and public notification. Additionally, APRA may choose to disseminate this notice through other means to ensure wide dissemination and compliance with the legal requirements. This publication requirement serves to inform the public, including depositors and other stakeholders, about the changes in the regulatory status of Ford Co-operative Credit Society Limited, thereby maintaining trust and confidence in the financial system. In conclusion, the Revocation of Authority to Carry on Banking Business 2026 – Ford Co-operative Credit Society Limited instrument details the formal process for revoking the banking authority of Ford Co-operative Credit Society Limited, contingent upon a formal request and APRA's determination. It outlines the obligations of the body corporate and APRA, ensuring that the revocation is in the national and depositors' best interests. The document also underscores the importance of compliance and the potential legal consequences for any breaches, reinforcing the regulatory framework within which financial institutions operate.