Katy Gallagher (ACT, Australian Labor Party) Share this | Hansard source

I move:

That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day of the autumn sittings of 2018:

The regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services sector (including Managed Investment Schemes), with particular reference to:

(a) any failures that are evident in the:

  (i) current laws and regulatory framework, and

  (ii) enforcement of the current laws and regulatory framework, including those arising from resourcing and administration;

(b) the impact of misconduct in the sector on victims and on consumers;

(c) the impact on consumer outcomes of:

  (i) executive and non-executive remuneration,

  (ii) incentive-based commission structures, and

  (iii) fee-for-no-service or recurring fee structures;

(d) the culture and chain of responsibility in relation to misconduct within entities within the sector;

(e) the availability and adequacy of:

  (i) redress and compensation to victims of misconduct, including options for a retrospective compensation scheme of last resort, and

  (ii) legal advice and representation for consumers and victims of misconduct, including their standing in the conduct of bankruptcy and insolvency processes;

(f) the social impacts of consumer protection failures in the sector, including through increased reliance of victims on community and government services;

(g) options to support the prioritisation of consumer protection and associated practices within the sector; and

(h) any related matters.