ASIC Consultation Paper 330 – Using the Product Intervention Power re Continuing Credit Contracts

Submission to: ASIC
Joint consumer group submission (led by the Consumers’ Federation of Australia) on proposed changes to the ePayments Code. Our submission expresses disappointment that ASIC is planning to reduce consumer protection in relation to scams both in relation to mistaken payments and unauthorised transactions. These proposals run counter to ASIC’s 2021-25 strategic plan which include a commitment to reduce the risk of harm to consumers from scams.