Consumers win as long-awaited financial services sector reforms commence

A raft of major reforms in the financial services sector have come into effect this week, the culmination of years of consistent campaigning and casework from consumer advocacy groups representing hundreds of people across the country harmed by financial malpractice.
The changes include the following:

“October is turning out to be a great month for consumers with these long-awaited reforms finally coming into effect,” said Gerard Brody, CEO of Consumer Action.

“Consumer advocates have been campaigning for years to get these changes made to protect the community from junk insurance sales, high pressure cold calling and poor product design. We are very pleased to see these reforms coming into effect, as they will benefit consumers and help to improve conduct in the financial services sector.”

Consumer Action represented a number of people who gave evidence to the Banking Royal Commission about their harmful experiences with the financial services sector.

“It was the evidence of harm presented at the Banking Royal Commission that was the crucial turning point in getting these reforms through. I would like to thank our clients for their courage and willingness to share their stories to help others,” Mr Brody said.



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