We strongly support a continuing focus on consumer remediation by the Australian Securities and Investments Commission (ASIC) in its enforcement. Remediation programs have been a very welcome development and have contributed to increased redress for consumers.
We agree with ASIC that product-neutral regulatory guidance on remediation (beyond financial advice) is now necessary. In responding to this consultation, we have drawn on our many years of experience advising and assisting consumers on remediation programs across financial services and consumer products, and as a recipient of community benefit payments that have enabled us to provide services to affected communities, improve industry practice, and reform laws to benefit consumers as a whole.
A summary of key points and the rest of the submission is available below and in the submission PDF.210331_CP335Remediation_Final