Consumer Action has provided a submission to the discussion paper, Banking Act exemptions and section 66 guidelines, published by the Australian Prudential Regulation Authority. The discussion paper proposes a number of measures to strengthen the regulation of registered financial corporations that issue retail debentures. The proposals are aimed at reducing the likelihood that a retail investor would confuse investments in such entities with a bank deposit-like product. While Consumer Action broadly supports the direction of the proposals, our submission raises a number of concerns from a consumer perspective.
To read our full submission click: Proposals to strengthen regulation of debenture companies.