Industry codes bridge an important gap between governing legislation and the delivery of fair and just outcomes for consumers. In some sectors, this gap is huge, with legislation providing very little in way of detailed obligations or effective consumer protections. Codes in the financial services sector are central to the work that financial counsellors and community lawyers do every day to protect the rights of people experiencing vulnerability and financial hardship. But Codes need to be effective and rigorous in order to have any hope of meeting that purpose. If not, then codes only serve to confuse and obscure consumer protections and regulation.
