Consumer Action Law Centre, Consumers’ Federation of Australia and Financial Rights Legal Centre have provided feedback on the proposals in the Australian Law Reform Commission’s (ALRC) Interim Report C of its corporations and financial services legislation inquiry (Report C). We appreciate the ALRC’s recommendations aimed at simplifying the financial services law and hope its work will be used to help achieve better industry conduct and consumer outcomes.
It appears the ALRC has undertaken considerable analysis of the existing case law on unconscionable conduct and the provisions Proposal C2 would impact. The ALRC’s Background paper FSL9 suggests that the ALRC is satisfied that the proposed amendments would not have unintended consequences.1 Provided this is the case, we support this proposal. However, considering the courts’ reading down of prior attempts by Parliament to expand the scope of unconscionable conduct, we urge the ALRC to ensure this process has been exhaustive and considered all possible implications the courts may read into the change.230717_ALRC sub _Interim Rep C final (1)