Financial Rights Legal Centre submitted a response to the Financial System Inquiry’s Interim Report with over 40 Recommendations for improving financial services in Australia. The submission focused on consumer outcomes in the insurance sector, particularly improving disclosure regimes, increasing transparency in premium pricing, implementing the recommendations in the CHOICE and Trowbridge reports and creating suitability requirements for insurance products.
The submission also comments on competition in the payments and banking sectors, payday lending, industry self-regulation, consumer compensation schemes, increased powers for ASIC and Financial Difficulty Predator Businesses.
