1 / 10

Chapter 9

Chapter 9. Financial Services and Financial Products. Outline of Chapter 9. The development of a separate regime Consumer Protection and the ASIC Act 2001 Consumer Protection and the Corporations Act 2001 Dispute resolution in the financial services sector. Context.

isra
Télécharger la présentation

Chapter 9

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 9 Financial Services and Financial Products

  2. Outline of Chapter 9 • The development of a separate regime • Consumer Protection and the ASIC Act 2001 • Consumer Protection and the Corporations Act 2001 • Dispute resolution in the financial services sector

  3. Context • Financial Services and Financial Products have grown exponentially since deregulation of Australian financial sector • Australians need to become more savvy with their personal finances • Establishment of government based Financial Literacy taskforce

  4. The Development of a Separate Regime • Wallis Report • Globalisation • Electronic transactions • Risk now on Consumer • ASIC is regulator and licensee

  5. Structure of ASIC • Consumer Protection Directorate • Consumer Advisory Panel • www.fido.gov.au

  6. The ASIC Act 2001 • Mirrors the TPA • Definitions are critical • Financial Product • Financial Service • Consumer • Interpretation follows the TPA

  7. Corporations Act 2001 • Its aims are of transparency, fairness, informed decision making and reduction of systemic risk. • Disclosure is its vision.

  8. Disclosure within Corporations Act - how does it occur • Chapter 6C Continuous disclosure • Chapter 7, FSG, PDS and Statement of Advice • Market Misconduct • Takeovers and Fundraising Documents

  9. Dispute Resolution and the Financial Sector • Dispute Resolution Processes are essential • ASIC approved • FICS is one such example – conciliation is the key

  10. Future Developments • Communication to the general population • How to improve financial literacy • With an aging population, decreased numbers in the workforce – how to fund health and social security in future • Deposit Insurance – is this necessary?

More Related