Terms of Reference

Inquiry into the financial services regulatory framework in relation to financial abuse in Australia, in particular:  

  1. The prevalence and impact of financial abuse, including:
    1. the approaches taken by financial institutions to identify, record and report financial abuse, and any inconsistencies arising therein;
    2. the impact of the shift of financial products to online platforms; and
    3. any other contributory factors.

  2. The effectiveness of existing legislation, common law, and regulatory arrangements that govern the ability of financial institutions to prevent and respond to financial abuse, including the operation of:
    1. the National Consumer Credit Protection Act 2009;
    2. the Privacy Act 1988 (Cth);
    3. the Australian Securities and Investments Commission Act 2001;
    4. the Insurance Contracts Act 1984;
    5. legislation and statutory instruments for superannuation; and
    6. state and territory laws and regulations.

     

  3. Other potential areas for reform, such as prevention, protection, and proactive systems, including:
    1. existing financial product design;
    2. emerging financial products;
    3. employee training;
    4. culturally appropriate responses; and
    5. any other appropriate response, for example, mandatory reporting.

       

  4. Steps that might be taken to support financial institutions to better detect and respond to financial abuse.

     

  5. The role of government agencies in preventing and responding to financial abuse.

     

  6. The funding and operation of relevant advisory and advocacy bodies.

     

  7. Any other related matters, including comparative information about arrangements in relevant overseas jurisdictions.

 

Committee Secretariat contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3583
corporations.joint@aph.gov.au

About this inquiry

An inquiry into financial services regulatory framework in relation to financial abuse. 

Track Inquiry

Past Public Hearings

10 Jul 2024: Perth
09 Jul 2024: Adelaide
08 Jul 2024: Melbourne

more...

Inquiry Status

Submissions Closed

Accessibility

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