Consumer Action has joined with Financial Rights Legal Centre and Redfern Legal Centre to make a submission to the Australian Law Reform Commission in response to its Financial Services Legislation Inquiry (Interim Report B).
Consumer representatives broadly endorse the legislative model for financial services proposed by the ALRC which should aid transparency and ease-of-understanding of the law. We suggest, though, that the scope of legislation is broad so as to address avoidant business models and that any exemptions and exclusions are as limited as possible.
The submission makes a range of other recommendations in response to the proposals of the ALRC.
Read the full submission (PDF).221130 – Joint Submission – ALRC Interim Report B