Wednesday, March 29, 2023

Monetary providers a key focus for ACCC this 12 months

Guaranteeing that each one Australians get the good thing about competitors within the monetary providers sector will probably be among the many Australian Competitors and Shopper Fee’s compliance and enforcement priorities throughout 2023-24.

ACCC Chair Gina Cass-Gottlieb (pictured above) mentioned one concern that may play a vital function in ACCC’s enforcement priorities is the introduction of recent legal guidelines prohibiting unfair contract phrases, together with a brand new penalty regime later this 12 months.

“Companies want to know their obligations below these new legal guidelines, or they may discover themselves topic to extreme penalties,” Cass-Gottlieb mentioned. “We will probably be working to make sure that customers and small companies, together with franchisees, benefit from the full profit of those strengthened legal guidelines.”

ACCC additionally has its eyes on scams, which continued to trigger super private and monetary injury to customers and the Australian financial system.

“Our Scamwatch service will proceed to assist authorities businesses and trade members within the disruption of scams,” Cass-Gottlieb mentioned. “We’re additionally lending our experience and assist to organize the institution of the federal government’s Nationwide Anti-Scams Centre.”

As a part of ACCC’s deal with monetary providers, the fee has additionally commenced its inquiry into retail deposit markets, how banks set rates of interest for deposit merchandise.

Different key points that ACCC will deal with embrace cost-of-living pressures, the value of important providers together with vitality and telecommunications, the integrity of environmental and sustainability claims, shopper, and fair-trading harms from manipulative advertising practices within the digital financial system and the at all times excessive danger to markets, enterprise rivals, and customers from anti-competitive conduct, Cass-Gottlieb mentioned.

The ACCC chair additionally confirmed the fee’s dedication to take care of its enduring compliance and enforcement priorities which goal conduct, to guard shopper welfare and the aggressive course of, together with people who impression First Nations customers, cartel conduct, and anti-competitive conduct extra broadly.

“Our deal with points impacting First Nations customers has now turn into integral to the bigger remit of the ACCC’s work as we establish the disproportionate impression of conduct corresponding to scams and deceptive promoting and gross sales practices on their communities,” Cass-Gottlieb mentioned.

“Our inquiries into the insurance coverage sector, childcare, and cell regional infrastructure enable us to have a look at the challenges confronted by First Nations individuals in accessing and buying key providers.”

The ACCC will announce its annual product security priorities on the Nationwide Shopper Congress later within the 12 months.

The total listing of the ACCC’s 2023-24 enforcement priorities will be discovered right hereA abstract can be obtainable right here.

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