1.1.F.10 Financial institution
Definition
In the NRSAct a financial institution means a body corporate that is an authorised deposit-taking institution (ADI) for the purposes of the Banking Act 1959.
For example, a financial institution is a bank or credit union where a person has an account to deposit money into.
Act reference: NRSAct section 6 The Dictionary
Banking Act 1959 Part II Division 1 Authority to carry on banking business
Policy reference: Redress Guide 7.1 Participating institutions