Restoring Confidence in Consumer Financial protection regulation in Australia: A Sisyphean task?

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dc.contributor.author Schmulow, A en
dc.contributor.author Fairweather, Karen en
dc.contributor.author Tarrant, J en
dc.date.accessioned 2019-10-01T20:41:58Z en
dc.date.issued 2019 en
dc.identifier.issn 0067-205X en
dc.identifier.uri http://hdl.handle.net/2292/48263 en
dc.description.abstract Consumer financial protection and the integrity of the Australian financial system are critical to the Australian economy in many ways, including the provision of an effective banking system, and the security of Australia’s significant superannuation savings. This is especially the case in an environment where financial products have become more complex and difficult for consumers to understand. In recent years there have been several scandals in Australia’s financial sector that have undermined confidence in the financial system, and exposed regulatory failure. The authors argue that there needs to be a more effective oversight of the key regulators in the Australian financial system to maintain confidence in the system, and prevent capture of the regulators by the financial services industry. The authors contend that the recommendation of the Financial System Inquiry for the establishment of an Assessment Board to provide continuous oversight of the financial regulators is an effective solution to the poor regulatory outcomes encountered in Australia in recent years. The consequences of not having such oversight are likely to be more financial scandals, and further instability in the financial system. These deficiencies must be addressed as a matter of urgency. en
dc.publisher Sage en
dc.relation.ispartofseries Federal Law Review en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.title Restoring Confidence in Consumer Financial protection regulation in Australia: A Sisyphean task? en
dc.type Journal Article en
dc.identifier.doi 10.1177/0067205x18816240 en
pubs.issue 1 en
pubs.begin-page 91 en
pubs.volume 47 en
dc.rights.holder Copyright: The author en
pubs.end-page 120 en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.subtype Article en
pubs.elements-id 760923 en
pubs.org-id Law en
pubs.org-id Faculty Administration Law en
pubs.record-created-at-source-date 2019-02-05 en
pubs.online-publication-date 2019-02-01 en


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