ASIC Consultation Paper 330 – Using the Product Intervention Power re Continuing Credit Contracts
Submission to: ASIC
Related Projects
Joint consumer submission (Consumer Action, Financial Rights, FCA and Choice) – Exposure Draft consultation on the Corporations Amendment (Design and Distribution Obligations) Regulations 2019
Submission to: Financial Services Reform Taskforce, Treasury
We support DADOs applying as broadly as possible to reduce the number of loopholes in the law (a problem called out in the Financial Services Royal Commission). For example, DADOs should apply to buy now, pay later products. This submission supports the extension of DADOs to basic bank accounts. We argue that proposed exclusions for credit provided for business purposes and pawnbrokers should be removed, so that they are also included in the regime.
We support DADOs applying as broadly as possible to reduce the number of loopholes in the law (a problem called out in the Financial Services Royal Commission). For example, DADOs should apply to buy now, pay later products. This submission supports the extension of DADOs to basic bank accounts. We argue that proposed exclusions for credit provided for business purposes and pawnbrokers should be removed, so that they are also included in the regime.
Review of the Privacy Act
Submission to: Attorney General’s Department
Joint submission from Financial Rights and FCA (Financial Rights as the lead author) responding to an October 2021 discussion paper from the Attorney-General’s Department considering the scope of the Privacy Act and if its enforcement mechanisms remain fit for purpose. The submission supports proposed amendments to the definition of personal information. The submission argues that the exemption for small businesses from the Privacy Act should be removed including that the Act apply to the new category of “trusted advisors” for the purposes of the consumer data right. (Financial counsellors are trusted advisors.) The submission also argues for the consent provisions to be strengthened, that pro-privacy default settings be enabled by default and that there should be a right to erasure. Complaints handling should be undertaken by the creation of a new body, a Federal Privacy Ombudsman.
Joint submission from Financial Rights and FCA (Financial Rights as the lead author) responding to an October 2021 discussion paper from the Attorney-General’s Department considering the scope of the Privacy Act and if its enforcement mechanisms remain fit for purpose. The submission supports proposed amendments to the definition of personal information. The submission argues that the exemption for small businesses from the Privacy Act should be removed including that the Act apply to the new category of “trusted advisors” for the purposes of the consumer data right. (Financial counsellors are trusted advisors.) The submission also argues for the consent provisions to be strengthened, that pro-privacy default settings be enabled by default and that there should be a right to erasure. Complaints handling should be undertaken by the creation of a new body, a Federal Privacy Ombudsman.