Restoring confidence in consumer financial protection regulation in Australia: a Sisyphean task?
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ACDE Seminar
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Consumer financial protection and the integrity of the financial system are critical to the Australian economy. This is especially the case in an environment where financial products have become more complex and difficult for consumers to understand. In recent years there have been several scandals in Australia’s financial sector that have undermined confidence in the financial system and exposed regulatory failure. There needs to be more effective oversight of the key regulators to maintain confidence in the system and prevent capture of the regulators by the financial services industry. The recommendation of the Financial System Inquiry for the establishment of an Assessment Board to provide continuous oversight of the financial regulators is an effective solution to the poor regulatory outcomes encountered in recent years. The consequences of not having such oversight are likely to be more scandals and further instability in the financial system. These deficiencies must be addressed as a matter of urgency.
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