Abstract
Financial consumers are defined by s 12BC of the ASIC Act (Australian Securities and Investments Commission Act (Cth), No. 51 of 2001, (Australia).) as consumers of services worth less than AUD 40,000.00, (S 12BC (1)(a)) or if worth more, then ‘of a kind ordinarily acquired for personal, domestic or household use or consumption’ (S 12BC (1)(b)); or if the services are for use or consumption in connection with a small business, (Defined in s 12BC (2) as employing less than 100 people if it engages in manufacturing, or otherwise less than 20 people.) and cost more than AUD 40,000.00, ordinarily acquired for business use or consumption (S 12BC (1)(c).).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Statutes
Australian Prudential Regulation Authority Act (Cth), No. 50 of 1998, (Australia).
Australian Securities and Investments Commission Act (Cth), No. 51 of 2001, (Australia).
Banking Act (Cth), No. 6 of 1959, (Australia).
Competition And Consumer Act (Cth), No. 51 of 2010 as amended, (Australia).
Competition And Consumer Act (Cth), Schedule 2, The Australian Consumer Law, No. 51 of 2010, (Australia).
Corporations Act (Cth), No. 50 of 2001, (Australia).
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act (Cth), No. 105 of 2008, (Australia).
Insurance Contracts Act (Cth), No. 80 of 1984 as amended, (Australia).
Life Insurance Act (Cth), No. 4 of 1995 as amended, (Australia).
National Consumer Credit Protection Act (Cth), No. 134 of 2009, (Australia).
National Consumer Credit Protection Regulations (Cth), No. Select Legislative Instrument No. 44 of 2010 as amended, (enacted: 13 June, 2014), (Australia).
Retirement Savings Accounts Act (Cth), No. 61 of 1997 as amended, (Australia).
Superannuation (Resolution of Complaints) Act (Cth), No. 80 of 1993 as amended, (Australia).
Superannuation Industry (Supervision) Act (Cth), No. 78 of 1993 as amended, (Australia).
Regulations
Australian Securities and Investments Commission, “Approval and oversight of external dispute resolution schemes”, Regulatory Guide 139, published by Australian Securities and Investments Commission, June, 2013, pp 1–58, http://download.asic.gov.au/media/1240742/rg139-published-13-june-2013.pdf.
Australian Securities and Investments Commission, “Credit licensing: Responsible lending conduct”, Regulatory Guide 209, published by Australian Securities and Investments Commission, November, 2014, pp 1–57, http://download.asic.gov.au/media/2243019/rg209-published-5-november-2014.pdf.
Australian Securities and Investments Commission, “Licensing: Internal and external dispute resolution”, Regulatory Guide 165, published by Australian Securities and Investments Commission, July, 2015, pp 1–58, http://download.asic.gov.au/media/3285121/rg165-published-2-july-2015.pdf.
Australian Securities and Investments Commission, “Payday lenders and the new small amount lending provisions”, Report 426, published by Australian Securities and Investments Commission, March, 2015, pp 1–44, http://download.asic.gov.au/media/3038267/rep-426-published-17-march-2015.pdf.
Cases
Blomley v Ryan, HCA, 1956, (99, CLR (28 March, 1956), 362 http://www.austlii.edu.au/au/cases/cth/HCA/1956/81.html.
Commercial Bank of Australia Ltd v Amadio, HCA, 1983, (151, CLR (12 May, 1983), 447 http://www.austlii.edu.au/au/cases/cth/HCA/1983/14.html.
Louth v Diprose, HCA, 1992, (175, CLR (2 December, 1992), 621 http://www.austlii.edu.au/au/cases/cth/HCA/1992/61.html.
Books and Book Chapters
Corones, Stephen & Philip Clarke, Australian Consumer Law, Commentary and Materials, 4th ed., published by Thomson Reuters, Pyrmont, NSW, 2011, 1–888 pages, pp 888.
Pearson, Gail, “Failure in corporate governance: financial planning and greed”, Chap. 8, in Handbook on Corporate Governance in Financial Institutions, edited by Christine A. Mallin, in ‘Business’, published by Edward Elgar, Cheltenham, UK, 27 May, 2016, pp 185–209.
Journal Articles
Ali, Jasmine & Marcus Banks, “Into the Mainstream: The Australian Payday Loans Industry on the Move”, JASSA, The Finsia Journal of Applied Finance, no. 3, 2014, pp: 35–42, https://www.finsia.com/docs/default-source/jassa-new/jassa-2014/jassa-2014-issue-3/jassa-3-2014-complete-issue.pdf?sfvrsn=5.
Ali, Paul, Malcolm Anderson, Cosima McRae & Ian Ramsay, “The financial literacy of young Australians: An empirical study and implications for consumer protection and ASIC’s National Financial Literacy Strategy”, Company and Securities Law Journal, Vol. 32, no. 5, 2014, pp: 334–352, http://www.financialliteracy.gov.au/media/558653/research-financialliteracyofyoungaustralianscslj20142pdf0.pdf.
Dao, André, Andrew Godwin & Ian Ramsay, “From enforcement to prevention: international cooperation and financial benchmark reform”, Law and Financial Markets Review, Vol. 10, no. 2, 1 June, 2016, pp: 83–101, http://dx.doi.org/10.1080/17521440.2016.1211385.
Drummond, Stanley, “Misleading or deceptive conduct in insurance”, Insurance Law Journal, Vol. 14, no. 1, 2002, pp: 1–16, http://www.lexisnexis.com.ezproxy.library.uwa.edu.au/au/legal/results/tocBrowseNodeClick.do?rand=0.7176164015730689&tocCSI=267871&clickedNode=TABQAABAAB.
Drummond, Stanley, “Unconscionable Conduct in Insurance”, Insurance Law Journal, Vol. 14, no. 2, 2003, pp: 103–127, http://www.lexisnexis.com.ezproxy.library.uwa.edu.au/au/legal/results/enhPubTreeViewDoc.do?nodeId=TABPAABAAC&backKey=20_T25207463118&refPt=&pubTreeWidth=277.
Field, Chris, “Pay day lending: an exploitative market practice”, Alternative Law Journal, Vol. 27, no. 1, February, 2002, pp: 36–40, http://www.austlii.edu.au/au/journals/AltLawJl/2002/12.html - fn1.
Rajapakse, Pelma & Jodi Gardner, “The Unconscionable Conduct and Consumer Protection in Subprime Lending in Australia”, Banking & Finance Law Review, Vol. 29, no. 3, 2014, pp: 485–515, http://search.proquest.com.ezproxy.library.uwa.edu.au/docview/1552113429/64953F695379421BPQ/5?accountid=14681.
Schmulow, Andrew D., “The four methods of financial system regulation: An international comparative survey”, Journal of Banking and Finance Law and Practice, Vol. 26, no. 3, November, 2015, pp: 151–172, http://www.westlaw.com.au.ezp01.library.qut.edu.au/maf/wlau/app/document?&src=search&docguid=Ifd3c1ffa88f111e584c5a2b5af565fd9&epos=1&snippets=true&fcwh=true&startChunk=1&endChunk=1&nstid=std-anz-highlight&nsds=AUNZ_SEARCHALL&isTocNav=true&tocDs=AUNZ_AU_JOURNALS_TOC&context=56&extLink=false&searchFromLinkHome=false.
Reports
Arthur, Don, What counts as welfare spending?, in ‘Parliamentary Library Research Paper’, no. Research Paper Series, 2015–16, Social Policy Section, Parliament of Australia, published by Parliament of Australia, Canberra, ACT, 21 December 2015, pp 1–6, http://parlinfo.aph.gov.au/parlInfo/download/library/prspub/4262560/upload_binary/4262560.pdf;fileType=application/pdf.
Australian Financial Markets Association, Submission to the Financial Sytem Inquiry, Australian Financial Markets Association, published by Australian Financial Markets Association, Sydney, NSW, 31 March 2014, pp 1–133, http://www.afma.com.au/afmawr/_assets/main/lib90058/afmafsisubmission.pdf.
Australian Prudential Regulation Authority, Monthly banking statistics, in ‘Statistics’, Banking Statistics, Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, October 2016, pp 1–20, http://www.apra.gov.au/adi/Publications/Documents/MBS-October-2016-PDF.pdf.
Australian Prudential Regulation Authority, Quarterly Superannuation Performance, in ‘Statistics’, Superannuation Statistics, Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, June 2016, pp 1–37, http://www.apra.gov.au/Super/Publications/Documents/2016QSP201606.pdf.
Australian Securities and Investments Commission, Annual Report 1998/99, series edited by Australian Securities and Investments Commission, Australian Securities and Investments Commission, published by Australian Securities and Investments Commission, Sydney, NSW, 18 October 1999, pp 1–109, http://download.asic.gov.au/media/1327346/complete_edited200612-1998-99.pdf.
Australian Securities and Investments Commission, Annual Report 2015–2016, series edited by Australian Securities and Investments Commission, Australian Securities and Investments Commission, published by Australian Securities and Investments Commission, Sydney, NSW, 14 October 2016, pp 1-220, http://download.asic.gov.au/media/4058626/asic-annual-report-2015-2016-complete.pdf.
Australian Securities and Investments Commission, Australian Financial Attitudes and Behaviour Tracker: Wave 4: September 2015 – February 2016, in ‘National Financial Literacy Strategy’, no. ASIC report 481, Australian Securities and Investments Commission, published by Australian Securities and Investments Commission, Sydney, NSW, December 2016, pp 1–68, http://www.financialliteracy.gov.au/media/559536/australian-financial-attitudes-and-behaviour-tracker_wave-4.pdf.
Australian Securities and Investments Commission, Penalties for corporate wrongdoing, series edited by Australian Securities and Investments Commission, Report Number: 387, Australian Securities and Investments Commission, published by Australian Securities and Investments Commission, Sydney, NSW, March 2014, pp 1–79, http://download.asic.gov.au/media/1344548/rep387-published-20-March-2014.pdf.
Australian Securities and Investments Commission, Submission by the Australian Securities and Investments Commission, series edited by Review of the financial system external dispute resolution framework, Australian Securities and Investments Commission, published by EDR Review, Sydney, NSW, October 2016, pp 1–58, http://www.treasury.gov.au/~/media/Treasury/Consultations and Reviews/Consultations/2016/Review of the financial system external dispute resolution framework/Submissions/PDF/Australian_Securities_and_Investments_Commission.ashx.
Banks, Marcus, Ashton De Silva & Roslyn Russell, Trends in the Australian small loan market, in ‘Commissioned Paper Series’, Australian Centre for Financial Studies and School of Economics, Finance and Marketing, RMIT University, published by Australian Centre for Financial Studies, Melbourne, Vic, October 2015, pp 1–52, http://australiancentre.com.au/wp-content/uploads/2015/10/Commissioned-paper-Trends-in-the-Australian-small-loan-market.pdf.
Brailey, Denise, Australia’s ‘Banking Cartel Scandal’ - The Rise of White-Collar Crime, in ‘Senate Economics Standing Committee, 2016 Inquiry into ‘Penalties for White-Collar Crime’’, no. Submission 23, Banking and Finance Consumers Support Association (Inc.), published by Banking and Finance Consumers Support Association (Inc.), Perth, WA, 29 March 2016, pp 1–74, http://webcache.googleusercontent.com/search?q=cache:AEw8ogBITgwJ:www.aph.gov.au/DocumentStore.ashx%3Fid%3Dbe84b97d-5d0a-41d4-acd7-d20fc6db345b%26subId%3D411906+&cd=1&hl=en&ct=clnk&gl=au&client=safari.
Commonwealth Bank, Annual Report, in ‘Annual Reports’, Commonwealth Bank, published by Commonwealth Bank, Sydney, NSW, 2016, pp 1–192, https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/2016_Annual_Report_to_Shareholders_15_August_2016.pdf.
Community Law Australia, Unaffordable and out of reach: the problem of access to the Australian legal system, National Association of Community Legal Centres, published by National Association of Community Legal Centres, Sydney, NSW, July 2012, pp 1–13, http://www.communitylawaustralia.org.au/wp-content/uploads/2012/07/CLA_Report_Final.pdf.
Davis, Kevin, Depositor Preference, Bail-in, and Deposit Insurance Pricing and Design, Department of Finance, University of Melbourne, and Australian Centre of Financial Studies and Monash University, Melbourne, VIC, 14 September 2015, pp 1–24, http://www.kevindavis.com.au/secondpages/workinprogress/2015-09-06-Depositor Preference and Deposit Insurance.pdf.
Department of Social Services, Income support customers: a statistical overview 2013, in ‘Statistical Paper Series’, no. Statistical Paper No. 12, Department of Social Services, Department of Social Services, published by Australian Government, Canberra, ACT, January 2015, pp 1–91, https://www.dss.gov.au/sites/default/files/documents/01_2015/sp12_accessible_pdf_final.pdf.
Financial Ombudsman Service, Financial System Inquiry - Financial Ombudsman Service Submission, in ‘Submissions’, Financial Ombudsman Service, published by Financial Ombudsman Service, Melbourne, Vic, April 2014, pp 1–28, https://www.fos.org.au/custom/files/docs/fos-submission-to-fsi-inquiry.pdf.
Financial Rights Legal Centre, Review of the small amount credit contract laws, September 2015, in ‘Submission by the Financial Rights Legal Centre’, Financial Rights Legal Centre, published by Financial Rights Legal Centre, Sydney, NSW, October 2015, pp 1–32, http://financialrights.org.au/wp-content/uploads/2015/10/Submission-to-SACC-Review-Financial-Rights.pdf.
Financial System Inquiry, Financial System Inquiry Final Report, series edited by The Treasury of the Australian Government, The Treasury, Commonwealth Government of Australia, published by The Australian Government, the Treasury, Canberra, ACT, November 2014, pp 1–320, http://fsi.gov.au/files/2014/11/FSI_Final_Report.pdf.
Financial System Inquiry, Financial System Inquiry Interim Report, series edited by The Treasury of the Australian Government, The Treasury, Commonwealth Government of Australia, published by The Australian Government, the Treasury, Canberra, ACT, July 2014, pp 1–460, http://fsi.gov.au/files/2014/07/FSI_Report_Final_Reduced20140715.pdf.
Klapper, Leora, Annamaria Lusardi & Peter van Oudheusden, Insights From The Standard & Poor’s Ratings Services Global Financial Literacy Survey, in ‘Financial Literacy Around the World’, Global Financial Literary Excellence Center (GFLEC), published by Global Financial Literary Excellence Center (GFLEC), Washington, DC, 18 November 2015, pp 1–27, http://gflec.org/wp-content/uploads/2015/11/Finlit_paper_16_F2_singles.pdf.
Law Council of Australia, Review of the Financial System External Dispute Resolution Framework, Law Council of Australia, published by Law Council of Australia, Canberra, ACT, 7 October 2016, pp 1–32, https://www.treasury.gov.au/~/media/Treasury/Consultations and Reviews/Consultations/2016/Review of the financial system external dispute resolution framework/Submissions/PDF/Law_Council_of_Australia.ashx.
Mishkin, Frederic S., Over the Cliff: From the Subprime to the Global Financial Crisis, series edited by National Bureau of Economic Research, in ‘NBER Working Paper Series’, no. 16609, National Bureau of Economic Research, published by National Bureau of Economic Research, Cambridge, MA, December 2010, pp 1–32, http://www.nber.org/papers/w16609.
Mylenko, Nataliya, Adetola Adenuga, Roziah Baba, Elizabeth Davidson, Ros Grady, Johanna Jaeger & Valentina Saltane, Global Survey on Consumer Protection and Financial Literacy: Results Brief - Regulatory Practices in 114 Economies, in ‘Publications’, The Financial Inclusion and Infrastructure Global Practice, The World Bank, published by The World Bank, Washington, DC, 2013, pp 1–25, http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/Global-Consumer-Protection-and-Financial-Literacy-results-brief.pdf.
North, Martin & Gill North, The Stressed Finance Landscape Data Analysis, series edited by Digital Finance Analytics and Monash University Centre for Commercial Law and Regulatory Studies (CLARS), in ‘Digital Finance Analytics, Reports’, Digital Finance Analytics and the Centre for Commercial Law and Regulatory Studies, Monash University, published by Financial Rights Legal Centre, Melbourne, Vic, October 2015, pp 1–32, http://financialrights.org.au/wp-content/uploads/2015/10/The-Stressed-Financial-Landscape-Data-Analysis-DFA2.pdf.
Professor Rosalind Croucher (President and Commissioner in Charge), Justice Berna Collier (part-time Commissioner) & The Hon Susan Ryan AO, Age Discrimination Commissioner (part-time Commissioner), Grey Areas—Age Barriers to Work in Commonwealth Laws (DP 78), series edited by Australian Law Reform Commission, in ‘Publications’, no. 78, Vol. Chapter 5, ‘Social Security’, Australian Law Reform Commission, published by Australian Law Reform Commission, Sydney, NSW, 2 October 2012, pp 113–146, SKK Book Chapter2.docx.
Professor Rosalind Croucher (President), The Hon Justice John Middleton, Federal Court of Australia (part-time Commissioner), & The Hon Justice Nye Perram, Federal Court of Australia (part-time Commissioner), Elder Abuse - Discussion Paper 83, series edited by Australian Law Reform Commission, in ‘Publications’, no. (DP 83), Australian Law Reform Commission, published by Australian Law Reform Commission, Sydney, NSW, December 2016, pp 1–259, https://www.alrc.gov.au/sites/default/files/pdfs/publications/dp83.pdf.
Ramsay, Ian, Julie Abramson & Alan Kirkland, Review of the financial system external dispute resolution and complaints framework, Interim Report, in ‘EDR Review’, Markets Group Financial System Division, The Treasury, Commonwealth Government, published by The Treasury, Canberra, ACT, 6 December 2016, pp 1–201, http://www.treasury.gov.au/~/media/Treasury/Consultations and Reviews/Reviews and Inquiries/2016/Review into EDR/Key Documents/PDF/EDR_interim.ashx.
Ramsay, Ian, Julie Abramson & Alan Kirkland, Review of the financial system external dispute resolution framework, Issues Paper, in ‘Consultation on the financial system external dispute resolution framework’, Markets Group Financial System Division, The Treasury, Commonwealth Government, published by The Treasury, Canberra, ACT, 9 September 2016, pp 1–30, https://consult.treasury.gov.au/financial-system-division/dispute-resolution/supporting_documents/EDR_issues_paper.pdf.
Schetzer, Louis, Joanna Mullins & Roberto Buonamano, Access to Justice & Legal Needs, A project to identify legal needs, pathways and barriers for disadvantaged people in NSW, in ‘Background Paper’, Law & Justice Foundation of New South Wales, published by Justice Research Centre, Sydney, NSW, August 2002, pp 1–72, http://www.lawfoundation.net.au/ljf/site/articleIDs/012E910236879BAECA257060007D13E0/$file/bkgr1.pdf.
Schmulow, A.D., Twin Peaks: A Theoretical Analysis, series edited by The Centre For International Finance and Regulation (CIFR), in ‘The Centre For International Finance and Regulation (CIFR) Research Working Paper Series’, no. 064/2015 / Project No. E018, The Centre For International Finance and Regulation (CIFR), published by The Centre For International Finance and Regulation, Sydney, NSW, 1 July 2015, pp 1–40, http://www.cifr.edu.au/project/Australia_twin_peaks_approach_for_China_and_Asia.aspx.
Senate Economics References Committee, The Performance of The Australian Securities and Investments Commission, series edited by Senate Standing Committees on Economics, in ‘Executive summary’, Parliament of Australia, published by Commonwealth of Australia, Canberra, ACT, 26 June 2014, pp xvii-xxii, http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Final_Report/b02.
Shorrocks, Anthony, James B. Davies, Rodrigo Lluberas & Antonios Koutsoukis, Global Wealth Report 2016, in ‘Global Wealth Report’, Research Institute, Credit Suisse, published by Credit Suisse, Zurich, CH, November 2016, pp 1–63, http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD783798-ED07-E8C2-4405996B5B02A32E.
The Treasury, Architecture of Australia’s tax and transfer system, The Treasury, Commonwealth Government of Australia, published by Commonwealth Government of Australia Attorney-General’s Department, Canberra, ACT, August 2008, pp 1–344, http://taxreview.treasury.gov.au/content/downloads/report/architecture_of_australias_tax_and_transfer_system_revised.pdf.
The Treasury, Part Two: Detailed analysis, in ‘Australia’s future tax system, Report to the Treasurer’, Vol. 2 of 2, The Treasury, Commonwealth Government of Australia, published by Commonwealth Government of Australia Attorney-General’s Department, Canberra, ACT, December 2009, pp 1–783, http://taxreview.treasury.gov.au/content/downloads/final_report_part_2/afts_final_report_part_2_vol_2_consolidated.pdf.
The Treasury & Australian Prudential Regulation Authority, Financial Industry Levies for 2015–16, The Treasury & Australian Prudential Regulation Authority, published by The Treasury & Australian Prudential Regulation Authority, Canberra, ACT, 1 July 2015, pp 1-19, http://www.apra.gov.au/CrossIndustry/Documents/Financial-Industry-Levies-current.pdf.
Turner, Grant, Depositor Protection in Australia, in ‘Bulletin’, Reserve Bank of Australia, published by Reserve Bank of Australia, Sydney, NSW, December Quarter 2011, pp 45–56, https://www.rba.gov.au/publications/bulletin/2011/dec/pdf/bu-1211-5.pdf.
U.S. Securities and Exchange Commission, SEC Enforcement Actions. Addressing Misconduct that Led To or Arose From the Financial Crisis, U.S. Securities and Exchange Commission, published by U.S. Securities and Exchange Commission, Washington, DC, 26 May 2015, http://www.sec.gov/spotlight/enf-actions-fc.shtml.
Vandenbroek, Penny, Employment by industry statistics: a quick guide, in ‘Parliamentary Library Quick Guide’, no. Research Paper Series, 2015–16, Statistics and Mapping Section, Parliament of Australia, published by Parliament of Australia, Canberra, ACT, 14 April 2016, pp 1–6, http://parlinfo.aph.gov.au/parlInfo/download/library/prspub/4497908/upload_binary/4497908.pdf;fileType=application/pdf.
Wilkins, Roger, The Household, Income and Labour Dynamics in Australia Survey: Selected Findings from Waves 1 to 14, The 11th Annual Statistical Report of the HILDA Survey, series edited by Melbourne Institute of Applied Economic and Social Research, in ‘The Household, Income and Labour Dynamics in Australia (HILDA) Survey’, The University of Melbourne, published by The University of Melbourne Melbourne Institute of Applied Economic and Social Research, Melbourne, Vic, 2016, pp 1–120, https://www.melbourneinstitute.com/downloads/hilda/Stat_Report/statreport_2016.pdf.
Conference Proceedings
Harman, Mr Justice Joe, “From Alternate to Primary Dispute Resolution: The pivotal role of mediation in (and in avoiding) litigation”, Paper presented at the National Mediation Conference, Melbourne, published by Federal Court of Australia, 2014, pp 1–26, http://www.federalcircuitcourt.gov.au/wps/wcm/connect/fccweb/reports-and-publications/speeches-conference-papers/2014/speech-harman-alternate-to-primary-dispute-resolution.
Press Releases
Australian Securities and Investments Commission, “16–060MR ASIC commences civil penalty proceedings against ANZ for BBSW conduct”, published by Australian Securities and Investments Commission, Sydney, NSW, Friday, 4 March, 2016, pp 1, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-060mr-asic-commences-civil-penalty-proceedings-against-anz-for-bbsw-conduct/.
Electronic Articles
Denning, Steve, “Lest We Forget: Why We Had A Financial Crisis”, Forbes, (22 November, 2011), published electronically by Forbes.com LLC, Jersey City, NJ, http://www.forbes.com/sites/stevedenning/2011/11/22/5086/.
Jacobson, David, “Life insurance claims handling inquiry”, Bright Law, (4 April, 2016), (accessed: 16 May, 2016), published electronically by Bright Legal Services Pty Ltd, Brisbane, Qld, http://www.brightlaw.com.au/financial-services/life-insurance-claims-handling-inquiry/.
Legal Services Commission of South Australia, “What credit contracts are regulated by the NCC?”, Law Handbook, (20 June, 2013), (accessed: 14 December, 2016), published electronically by Legal Services Commission of South Australia, Adelaide, SA, pp. 1–5, http://www.lawhandbook.sa.gov.au/ch10s04s01s02.php.
McConnell, Pat, “ASIC finally pulls the BBSW trigger on ANZ”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 4 March, 2016 5.52 pm AEST, https://theconversation.com/asic-finally-pulls-the-bbsw-trigger-on-anz-55766.
McConnell, Pat, “ASIC needs a win in 2017, but it’s not likely to come from the banks”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 15 January, 2017 10.47 am AEDT, https://theconversation.com/asic-needs-a-win-in-2017-but-its-not-likely-to-come-from-the-banks-70810.
McConnell, Pat, “CommInsure case shows it’s time to target reckless misconduct in banking”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 8 March, 2016 9.38 am AEDT, https://theconversation.com/comminsure-case-shows-its-time-to-target-reckless-misconduct-in-banking-55748.
McConnell, Pat, “Market manipulation – ASIC better get it right, first time”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 9 February, 2016 1.54 pm AEDT, https://theconversation.com/market-manipulation-asic-better-get-it-right-first-time-54388.
McConnell, Pat, “War on banking’s rotten culture must include regulators”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 4 June, 2015 2.14 pm AEST, http://theconversation.com/war-on-bankings-rotten-culture-must-include-regulators-42767.
Schmulow, Andrew, “Why rigging of the bank bill swap rate hurts everyone”, ‘Business & Economy’, The Conversation, published by The Conversation Media Group, Melbourne, VIC, 9 March, 2016 2.29 pm AEDT, https://theconversation.com/why-rigging-of-the-bank-bill-swap-rate-hurts-everyone-55826.
Snyder, Darren, “Senate to investigate life industry”, ‘News/Insurance, Regulatory’, Financial Standard, published by Rainmaker Group, Sydney, NSW, Tuesday, 8 March, 2016 12:21 pm, http://www.financialstandard.com.au/news/view/80775108.
Wray, L. Randall, “Setting the Record Straight One More Time: BofA’s Rebecca Mairone Fined $1Million; BofA Must Pay $1.3Billion”, New Economic Perspectives, (2 August, 2014), (accessed: 26 June, 2015), published electronically, http://neweconomicperspectives.org/2014/08/setting-record-straight-one-time-bofas-rebecca-mairone-fined-1million-bofa-must-pay-1–3billion.html.
Wright, Chris, “Regulation: Banking’s dark side reaches Australia”, Euromoney, published by Euromoney Institutional Investor PLC, London, 6 April 2016, http://www.euromoney.com/Article/3543401/Regulation-Bankings-dark-side-reaches-Australia.html.
Press
Ferguson, Adele, “A banking royal commission couldn’t make the sector’s reputation any worse”, ‘Business/Banking & Finance/Financial Services/Opinion’, The Australian Financial Review, AFR Weekend ed., published by Fairfax Media, Sydney, NSW, 11 April, 2016 at 08:46 am, http://www.afr.com/business/banking-and-finance/financial-services/a-banking-royal-commission-couldnt-make-the-sectors-reputation-any-worse-20160410-go2tso.
Ferguson, Adele, “Financial misconduct costs a fortune”, ‘Business/Comment’, The Sydney Morning Herald, Business Day ed., published by Fairfax Media, Sydney, NSW, 17 September, 2016, http://www.smh.com.au/business/comment-and-analysis/financial-misconduct-costs-a-fortune-20160916-grhp8g.html.
Ferguson, Adele, “Hearing into ASIC’s failure to investigate CBA’s Financial Wisdom”, ‘Business Day’, The Sydney Morning Herald, published by Fairfax Media, Sydney, NSW, 3 June, 2014, http://www.smh.com.au/business/hearing-into-asics-failure-to-investigate-cbas-financial-wisdom-20140602-39ept.html.
Ferguson, Adele, “Royal commission: not a populist whinge for burned bank customers”, ‘Comment’, The Sydney Morning Herald, published by Fairfax Media, Sydney, NSW, 13 August, 2016, http://www.smh.com.au/business/banking-and-finance/royal-commission-not-a-populist-whinge-for-burned-bank-customers-20160812-gqqyll.html.
Ferguson, Adele & Ben Butler, “Commonwealth Bank facing royal commission call after Senate financial planning inquiry”, ‘Banking and Finance’, The Sydney Morning Herald, Business Day ed., published by Fairfax Media, Sydney, NSW, 26 June, 2014, http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html.
Han, Misa, “Big four banks, AMP charged $178 m for no financial advice”, ‘Business/Banking & Finance’, The Australian Financial Review, published by Fairfax Media, Sydney, NSW, 27 October, 2016 at 11:37 am, http://www.afr.com/business/banking-and-finance/big-four-banks-amp-charged-178m-for-no-financial-advice-20161026-gsbr5r.
Patrick, A. Odysseus, “Flush and Dominant, Australia’s Banks Come Under Pressure”, ‘Dealbook’, New York Times, New York ed., published by The New York Times Company, New York, NY, 14 October, 2016, https://www.nytimes.com/2016/10/15/business/dealbook/australia-banks-under-pressure.html?_r=0.
Rothacker, Rick, “The deal that cost Bank of America $50 billion – and counting”, ‘News, Business, Banking’, The Charlotte Observer, published by The McClatchy Company, Charlotte, NC, 16 August, 2014, http://www.charlotteobserver.com/news/business/banking/article9151889.html.
Wilkins, Georgia, “Big banks to refund $178 million to financial advice customers”, ‘Business’, The Sydney Morning Herald, published by Fairfax Media, Sydney, NSW, 27 October, 2016, http://www.smh.com.au/business/banking-and-finance/big-banks-amp-may-have-to-refund-178-million-to-customers-over-advice-they-never-received-20161026-gsboid.html.
Williams, Ruth, “‘Tough cop’ ASIC too timid on enforcement: Allan Fels”, ‘News & Views/Banking’, The Sydney Morning Herald, published by Fairfax Ltd, Sydney, NSW, 15 April, 2016, http://www.smh.com.au/business/banking-and-finance/tough-cop-asic-too-timid-on-enforcement-fels-20160414-go6jqe.html.
Wyatt, Edward, “Promises Made, Then Broken, By Firms in S.E.C. Fraud Cases”, ‘Business Day’, New York Times, New York ed., published by The New York Times Company, New York, NY, 8 November, 2011, http://www.nytimes.com/2011/11/08/business/in-sec-fraud-cases-banks-make-and-break-promises.html?_r=0.
Web Pages and Internet Resources
Anonymous, “Population of Australia 2016”, in Australia2016 Population, published by Australia2016 Population, 2016, accessed: 5 December 2016, http://australiapopulation2016.com.
Australian Bureau of Statistics, “Key Findings”, in 6523.0 - Household Income and Wealth, Australia, 2013–14, published by Australian Bureau of Statistics, Canberra, ACT, 4 September, 2015, accessed: 5 December 2016, http://www.abs.gov.au/ausstats/abs@.nsf/0/5F4BB49C975C64C9CA256D6B00827ADB?Opendocument.
Australian Bureau of Statistics, “March Key Figures”, in 3101.0 - Australian Demographic Statistics, Mar 2016, published by Australian Bureau of Statistics, Canberra, ACT, 22 September, 2016, accessed: 5 December 2016, http://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/3101.0.
Australian Bureau of Statistics, “Summary”, in 3235.0 - Population by Age and Sex, Regions of Australia, 2015, published by Australian Bureau of Statistics, Canberra, ACT, 18 August, 2016, accessed: 5 December 2016, http://www.abs.gov.au/ausstats/abs@.nsf/mf/3235.0.
Australian Prudential Regulation Authority, “About the Financial Claims Scheme”, in Home, series edited by Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, accessed: 8 January 2017, https://www.fcs.gov.au/about-apra.
Australian Prudential Regulation Authority, “Financial Claims Scheme”, in Cross Industry, series edited by Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, accessed: 9 January 2017, http://www.apra.gov.au/CrossIndustry/FCS/Pages/default.aspx.
Australian Prudential Regulation Authority, “Financial Claims Scheme for banks, building societies and credit unions”, in Cross Industry, series edited by Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, accessed: 9 January 2017, http://www.apra.gov.au/CrossIndustry/FCS/Pages/fcs-adi-html.aspx.
Australian Prudential Regulation Authority, “Insurers Authorised to Conduct New or Renewal Insurance Business in Australia”, in General Insurance, series edited by Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, accessed: 8 December 2016, http://www.apra.gov.au/GI/Pages/new-or-renewal.aspx.
Australian Prudential Regulation Authority, “Registered Life Insurance Companies”, in Life Insurance & Friendly Societies, series edited by Australian Prudential Regulation Authority, published by Australian Prudential Regulation Authority, Sydney, NSW, accessed: 8 December 2016, http://www.apra.gov.au/lifs/pages/registered-life-insurers.aspx.
Australian Taxation Office, “Super accounts data overview”, in Research and statistics, published by Australian Taxation Office, Canberra, ACT, 15 August, 2016, accessed: 11 January 2017, https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/.
Christodoulou, Mario, “ASIC: $20 trillion worth of financial products may be affected by BBSW rigging”, in News, series edited by Australian Broadcasting Corporation, published by Australian Broadcasting Corporation, Sydney, NSW, 29 July 2016, 3:16 pm, accessed: 16 October 2016, http://www.abc.net.au/news/2016-07-29/asic-20-trillion-worth-of-financial-products-bbsw/7673322.
Henderson, Anna & Dan Conifer, “Commonwealth Bank boss Ian Narev says no-one sacked over CommInsure scandals”, in Breaking News, series edited by Australian Broadcasting Corporation, published by Australian Broadcasting Corporation, Sydney, NSW, 4 October, 2016, 11:17 pm, accessed: 30 January 2017, http://www.abc.net.au/news/2016-10-04/commonwealth-bank-boss-says-no-staff-axed-comminsure-scandals/7901884.
International Monetary Fund, “Financial Soundness Indicators (FSIs): At a Glance”, in Access to Macroeconomic & Financial Data, published by International Monetary Fund, Washington, DC, 12 July, 2016, accessed: 9 December 2016, http://data.imf.org/?sk=9F855EAE-C765-405E-9C9A-A9DC2C1FEE47.
Letts, Stephen, “Banks facing $180 million compensation payments for gouging fees without advice”, in Breaking News, series edited by Australian Broadcasting Corporation, published by Australian Broadcasting Corporation, Sydney, NSW, 27 October, 2016, 1:02 pm, accessed: 30 January 2017, http://www.abc.net.au/news/2016-10-27/banks-facing-180-million-compensation-payments/7971006.
Martin, Ray, “Bank of America’s great mortgage give-away”, in CBS News, series edited by CBS Money Watch, published by CBS Interactive Inc., New York, NY, 9 May, 2012, 10:32 am, accessed: 26 September 2015, http://www.cbsnews.com/news/bank-of-americas-great-mortgage-give-away/.
Members Own Health Funds, “Members Own Health Funds”, in Home, published by Members Own Health Funds, Geelong, Vic, 2016, accessed: 8 December 2016, https://membersown.com.au.
Reserve Bank of Australia, “Household Debt – Distribution – E7”, in Statistical Tables, published by Reserve Bank of Australia, Sydney, NSW, 2001-2017, accessed: 10 January 2017, http://www.rba.gov.au/statistics/tables/.
Trading Economics, “1959-2016”, in Australia Household Saving Ratio, published by Trading Economics, New York, NY, 2016, accessed: 8 December 2016, http://www.tradingeconomics.com/australia/personal-savings.
Trading Economics, “1976–2016 “, in Australia Consumer Credit, published by Trading Economics, New York, NY, 2016, accessed: 8 December 2016, http://www.tradingeconomics.com/australia/consumer-credit.
Trading Economics, “1977-2016”, in Australia Households Debt To Gdp, published by Trading Economics, New York, NY, 2016, accessed: 8 December 2016, http://www.tradingeconomics.com/australia/households-debt-to-gdp.
Audiovisual Materials
Ferguson, Adele & Deb Masters, “Banking Bad”, in Four Corners, Audiovisual Material, Documentary, Four Corners/Fairfax Publishing, Australian Broadcasting Corporation, Sydney, NSW, 5 May, 2014, http://www.abc.net.au/4corners/stories/2014/05/05/3995954.htm.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2018 Springer Nature Singapore Pte Ltd.
About this chapter
Cite this chapter
Schmulow, A.D., O’Hara, J. (2018). Protection of Financial Consumers in Australia. In: Chen, TJ. (eds) An International Comparison of Financial Consumer Protection. Springer, Singapore. https://doi.org/10.1007/978-981-10-8441-6_2
Download citation
DOI: https://doi.org/10.1007/978-981-10-8441-6_2
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-10-8440-9
Online ISBN: 978-981-10-8441-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)