APRA updates section 66 Banking Act exemption instruments
APRA published response to consultation on minor proposals amending instruments under section 66 of the Banking Act 1959 governing restricted banking terminology.
APRA has finalised updates to exemptions permitting use of restricted banking expressions. Non-ADIs and ADIs relying on prior consents should validate that their entity descriptions and consumer-facing materials remain within the scope of the revised instruments.
Misuse of restricted banking terminology exposes firms to enforcement, consumer misleading claims, and reputational risk in the Australian market.
Action Required
Review use of restricted terms such as 'bank' in marketing and product disclosures and confirm alignment with updated APRA exemption instruments.
Directly affects licensing perimeter and permissible branding for banks, neobanks, and fintechs operating in Australia.
Compliance to reassess reliance on section 66 consents post-update; marketing and legal to reconfirm approved terminology across channels; document any gaps in the control register.
“APRA has released a response to its consultation on minor proposals for instruments relating to section 66 of the Banking Act 1959. Section 66 restricts use of words such as 'bank' unless APRA has provided written consent.”
Published: 2026-07-27