Joint consumer submission (led by Consumer Action Law Centre) to ASIC responding to their consultation about proposed changes to the Banking Code of Practice. The proposed changes would significantly weaken the Code, including through the removal of the requirement that when lending money, a bank will exercise the reasonable skill and care of a diligent and prudent banker as well as changes to clauses relating to complaints handling.
Banking Code of Practice Review
Submission to: ASIC
Related Projects
Compensation Scheme of Last Resort and Financial Accountability Regime
Submission to: Senate Economics Legislation Committee
Joint consumer group submission (led by CHOICE) on the CLSR and FAR. The submission again makes the argument that the scope of the CSLR needs to be expanded to include all financial products that fall under the jurisdiction of AFCA, including funeral expenses policies and managed investment schemes as well as all court and tribunal decisions. The compensation cap for the scheme should be at the same level as AFCA. The FAR needs to extend to executives and senior managers, there must be meaningful consequences for people who break the law, all variable remuneration should be subject to clawback not just a portion and there should be a requirement for executives and senior managers to treat customers fairly.
Joint consumer group submission (led by CHOICE) on the CLSR and FAR. The submission again makes the argument that the scope of the CSLR needs to be expanded to include all financial products that fall under the jurisdiction of AFCA, including funeral expenses policies and managed investment schemes as well as all court and tribunal decisions. The compensation cap for the scheme should be at the same level as AFCA. The FAR needs to extend to executives and senior managers, there must be meaningful consequences for people who break the law, all variable remuneration should be subject to clawback not just a portion and there should be a requirement for executives and senior managers to treat customers fairly.
Product Intervention Powers
Submission to: ASIC
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.