Single regulatory regime
The Act provides a single, coherent regulatory regime to enable robust regulation of all deposit takers.
The Deposit Takers Act 2023 received Royal Assent on 6 July 2023. The Act is the final piece of legislation from a review of the Reserve Bank started in 2017.
The Deposit Takers Act 2023 (the Act) received Royal Assent on 6 July 2023. This follows the Finance and Expenditure Committee's consideration of the Bill.
The Deposit Takers Act 2023 replaces the following Acts:
The strengthening of our supervision and enforcement powers allows us to act to minimise the risks of high-impact failures.
A substantial work programme is underway to implement the new prudential framework for deposit takers. We have begun developing and consulting on the regulatory requirements and will introduce a licensing process for deposit takers to operate under the regime. Parts of the current Banking (Prudential Supervision) Act 1989 relating to the regulation and supervision of registered banks and the Non-bank Deposit Takers Act 2013 will remain in force until the remaining parts of the DTA have been fully implemented.