More than a dozen financial services companies are expected to launch applications for approval from the Federal Government this week for the ability to process same-gender marriage applications.
Applications are expected in the coming days, with some applications already in the pipeline.
“I am confident that our clients will be able to comply with their obligations under the Marriage Act,” a spokeswoman for one of the companies, CIB, said.
“We have been providing the information and assistance required under the Act.”
CIB was one of several companies that had been seeking the Federal government’s approval to conduct same-seating weddings.
The company’s founder and CEO, John Cappo, said he was encouraged to hear the Federal Minister for Human Rights, Scott Morrison, had made the request for approval.
“This is the first time we’ve heard the Federal Parliament is making such a request,” he said.
The Government is expected to introduce legislation to allow for same-orientated marriages in the first half of next year.
The move will bring greater certainty to couples and their families who are faced with the prospect of having to move from one state to another.
Cappos company is one of five Australian banks and credit unions that had submitted applications for marriage recognition to the Federal Marriage Equality Commission (MFEC).
The rest of the banks and the credit unions have not yet received approval from DFAT for same sex marriages to be conducted.
The Federal Marriage Commission is the federal government’s watchdog over all financial services businesses.
“There are some other things we need to do with respect to that as well,” said Mr Morrison.
“That’s why we’re asking the FCO to make it easier for us to go forward.”
The Federal Government has also been granted the power to require financial companies to make certain transactions more transparent.
The Financial Conduct Authority (FCA) has already given the FCA the power of requiring financial institutions to provide a statement to the Financial Conduct and Standards Authority (FSCA) that details any and all transactions that occur between a member and a person or entity, including the names of the parties, the date, time, amount and duration of the transaction, and the purpose for which the transaction was undertaken.