Financial Rights welcomes the introduction of the product intervention power (PIP) and looks forward to ASIC using the power to target businesses that cause consumer detriment by engaging in predatory conduct or fail to meet standards that the wider community expects of financial and credit products.
The intention of the PIP is to give ASIC the capability to make timely and targeted intervention in the financial services sector when products are causing significant consumer detriment. The legislative intent also makes clear that the PIP should be used to pursue ‘fairness’. Additionally, the community expects regulators to take a more proactive approach to consumer protection. ASIC should be empowered to use the new power boldly.
This submission is made on behalf of the following organisations:
• Australian Shareholders Association
• CHOICE
• Consumer Action Law Centre
• Consumer Credit Law Centre SA
• Consumer Credit Legal Service (WA)
• Consumers’ Federation of Australia
• Financial Counselling Australia
• Financial Rights Legal Centre
