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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.

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Chapter 9

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  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?

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