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Enhancing Consumer Protection by Streamlining Effective Regulation

This presentation focuses on reducing "red tape" by improving the effectiveness of consumer regulation. It defines effective regulation as one that prevents consumer harm and facilitates redress. Key tools for achieving this involve suitable legislation, licensing, various enforcement codes, and innovative approaches like Unfair Contract Terms. We will explore the various factors influencing the choice of regulatory tools, including industry dynamics, regulator capabilities, and consumer vulnerabilities. Additionally, we identify weak links in current regulatory structures to foster more robust consumer protections.

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Enhancing Consumer Protection by Streamlining Effective Regulation

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  1. Cutting Red Tape by Making Consumer Regulation More Effective Carolyn Bond Co-CEO

  2. Red Tape • “Red Tape” – unnecessary paperwork/regulation • Reduce “red tape” by making regulation more effective

  3. What is Effective Regulation? For the purposes of this presentation, I have assumed that effective regulation: • Prevents, or reduces, practices that are causing harm to consumers; and • Enables the individual consumer to seek redress

  4. Choosing the Right Tools • Legislation • Codes – Voluntary and various forms of enforceable codes • Licensing • Criminal Penalties • Civil Penalties • Innovative approaches such as Unfair Contract Terms • Dispute options – courts, tribunals, industry ADR

  5. Choice of tools depends on range of factors • Type of industry (size, culture etc) • Regulator (powers, resources, priorities) • Availability of consumer advice/legal services • Cause of the problem (industry structure, historical unfair practices, lack of clarity of laws ) • Consumer factors (are these consumers particularly disadvantaged? – ie fringe borrowers)

  6. Getting the structure right Identify the weak links in the regulatory structure: • Penalties (or risk of being caught) not great enough to discourage conduct; • Regulator not taking action; • Complaints/disputes process not accessible; • Complaints/disputes are not being used to identify and address systemic problems; • Regulation is not enforceable; • Industry is actively avoiding the regulation (ie finding loop-holes).

  7. Discussion • Identify one example of consumer regulation that you believe is particularly effective or ineffective. • Identify the factors that impact on the effectiveness of this regulation.

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