The Guides to Social Policy Law is a collection of publications designed to assist decision makers administering social policy law. The information contained in this publication is intended only as a guide to relevant legislation/policy. The information is accurate as at the date listed at the bottom of the page, but may be subject to change. To discuss individual circumstances please contact Services Australia.

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

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