Consumer protection in financial services
An address by Jeffrey Lucy AM ASIC Chairman, at the Consumer Affairs Victoria – Third National Consumer Congress In pursuit of world class consumer policy, 17 March 2006, Melbourne.
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Good Afternoon. I would like to thank Consumer Affairs Victoria for inviting me to address you today as we together pursue world-class consumer policy.
I understand that you have spent the last couple of days discussing and debating a range of consumer policy issues – from the direction in which such policy is traveling at State, Federal and global levels to the role of consumer agencies and consumers themselves.
Today, I would like to confront these issues in the context of ASIC's regulation of financial products and services. In particular, I will focus on:
- ASIC's role as a consumer protection regulator;
- some of our recent consumer protection activities, which span the responsibilities of both industry and consumers; and how ASIC intends to clear some of the challenging hurdles that lie ahead.