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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