Abstract
Australia is widely regarded as an innovator in financial services regulation. It introduced the twin peaks model, which was later followed in the United Kingdom. Under this model of regulatory supervision, there is a split between prudential regulation of financial institutions for institutional stability and resilience, and market conduct regulation of financial service providers for efficient, transparent and fair practices and provision of information. The two institutions in Australia are the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). The latter, ASIC, has an explicit consumer or retail client function which complements its wide array of responsibilities. Australia has disclosure and conduct regimes to protect consumers of financial services. These built on and intersect with earlier protective regimes. It also has nascent product regulation. This paper explores current regulatory issues and proposals. It is restricted to the Australian jurisdiction. Those from other jurisdictions will find echoes of their own arrangements and may find useful approaches.
Recommended Citation
Pearson, Gail Professor
(2015)
"Innovations in Financial Services Regulation for Consumer Protection,"
International Journal on Consumer Law and Practice: Vol. 3, Article 3.
Available at:
https://repository.nls.ac.in/ijclp/vol3/iss1/3
