Terms of Reference

On 29 November 2016, the Senate referred the following to the Economics References Committee for inquiry and report by the last sitting day of the autumn sittings of 2018:

The regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services sector (including Managed Investment Schemes), with particular reference to:

  1. any failures that are evident in the:
    1.  current laws and regulatory framework, and
    2.  enforcement of the current laws and regulatory framework, including those arising from resourcing and administration;
  2. the impact of misconduct in the sector on victims and on consumers;
  3. the impact on consumer outcomes of:
    1. executive and non-executive remuneration,
    2. incentive-based commission structures, and
    3. fee-for-no-service or recurring fee structures;
  4. the culture and chain of responsibility in relation to misconduct within entities within the sector;
  5. the availability and adequacy of:
    1. redress and compensation to victims of misconduct, including options for a retrospective compensation scheme of last resort, and
    2. legal advice and representation for consumers and victims of misconduct, including their standing in the conduct of bankruptcy and insolvency processes;
  6. the social impacts of consumer protection failures in the sector, including through increased reliance of victims on community and government services;
  7. options to support the prioritisation of consumer protection and associated practices within the sector; and
  8. any related matters.

Committee Secretariat contact:

Additional Committee Support
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3585
Fax: +61 2 6277 5794
committee.sen@aph.gov.au

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