Inquiry into Consumer Protection in the Banking, Insurance and Financial Sector

On 29 November 2016, the Senate referred the following matters to the Economics References Committee for inquiry and report in 2018:

The regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services sector (including Managed Investment Schemes), with particular reference to:

  • any failures that are evident in the:
  • any failures evident in the current laws and regulatory framework;
  • any failures evident in the enforcement of the current laws and regulatory framework, including those arising from resourcing and administration;
  • the impact of misconduct in the sector on victims and on consumers;
  • the impact on consumer outcomes of executive and non-executive remuneration;
  • the impact on consumer outcomes of incentive-based commission structures;
  • the impact on consumer outcomes of fee-for-no-service or recurring fee structures;
  • the culture and chain of responsibility in relation to misconduct within entities within the sector;
  • the availability and adequacy of redress and compensation to victims of misconduct, including options for a retrospective compensation scheme of last resort, and
  • the availability and adequacy of legal advice and representation for consumers and victims of misconduct, including their standing in the conduct of bankruptcy and insolvency processes;
  • the social impacts of consumer protection failures in the sector, including through increased reliance of victims on community and government services;
  • options to support the prioritisation of consumer protection and associated practices within the sector; and
  • any related matters.

The committee is due to report to the Senate by the last sitting day of the autumn sittings of 2018 and submissions close on 7 March 2017.

For further information

See the Senate Standing Committee on Economics’ home page.

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