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The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
Banking in Australia is dominated by four major banks: Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
A shared appreciation mortgage or SAM is a mortgage in which the lender agrees to receive some or all of the repayment in the form of a share of the increase in value of the property.
COSL may refer to:
The Financial Ombudsman Service is an ombudsman in the United Kingdom. It was established in 2000, and given statutory powers in 2001 by the Financial Services and Markets Act 2000, to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies, investment firms, financial advisers and finance companies.
Australian insurance law is based on commercial contract law, but is subject to regulations that affect the insurance industry and insurance contracts within Australia. Commonwealth Parliament has power to make laws with respect to insurance and insurance companies under section 51(xiv) and (xx) of the Australian Constitution. Generally, the Insurance Act 1973 and Insurance Contracts Act 1984 are the main acts that apply, however there are a number of other pieces of legislation enacted by the states, private codes and voluminous case law all of which forms the body of insurance law.
The Superannuation Complaints Tribunal is an independent statutory body established by the Australian Government to deal with complaints about superannuation.
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices in order to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles.
The Energy & Water Ombudsman NSW (EWON) is the approved dispute resolution scheme for all electricity and gas customers in New South Wales, Australia, and some water customers.
Ombudsmen in Australia are independent agencies who assist when a dispute arises between individuals and industry bodies or government agencies. Government ombudsman services are free to the public, like many other ombudsman and dispute resolution services, and are a means of resolving disputes outside of the court systems. Australia has an ombudsman assigned for each state; as well as an ombudsman for the Commonwealth of Australia. As laws differ between states just one process, or policy, cannot be used across the Commonwealth. All government bodies are within the jurisdiction of the ombudsman.
The Ombudsman for Banking Services and Investments (OBSI) is a Canadian organization whose responsibility is to handle the financial disputes of consumers and small businesses that could not be resolved by the customers and the financial firms on their own. The OBSI provides the service on an impartial and independent basis, and free of charge to the consumer as an alternative to the legal system.
The Property Ombudsman (TPO) scheme is an ombudsman in the United Kingdom. It has been providing consumers and property agents with an alternative dispute resolution service since 1990.
Consumer protection in the United Kingdom is effected through a multiplicity of Acts of Parliament, statutory instruments, government agencies and departments and citizens' lobby groups and aims to ensure the market economy produces fairness and quality in goods and services people buy. The main areas of regulating consumer affairs include,
Mortgage Choice Limited, commonly known as Mortgage Choice, is an Australian mortgage broking firm.
Financial regulation in Australia is extensive and detailed.
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations.
La Trobe Financial is an Australian diversified wealth and asset manager. It offers real estate credit, fixed interest investments and private wealth management. The President and CEO is Mr. Greg O'Neill. La Trobe Financial's head office is located in Melbourne, with corporate offices in Sydney, Shanghai and Hong Kong.
Walter Hugh Merricks, who qualified as an English solicitor, has held a number of senior appointments in legal and public institutions, the best known being his tenure as the inaugural Chief Ombudsman of the Financial Ombudsman Service. He is now Chair of IMPRESS, the Independent Monitor for the Press, and the law reform charity JUSTICE. He is a member of the Civil Aviation Authority's consumer panel. As proposed class representative, he has filed a £14 billion class action claim on behalf of British consumers against MasterCard Incorporated before the Competition Appeal Tribunal.
The Australian Financial Complaints Authority or AFCA is an external dispute resolution (EDR) scheme for consumers who are unable to resolve complaints with member financial services organisations. It is operated as a not-for-profit company limited by guarantee and was authorised in 2018 by the then Minister for Revenue and Financial Services, Kelly O'Dwyer, in accordance with the Corporations Act 2001 (Cth).
References
- ↑ "ASIC online help for people making a complaint". Archived from the original on 3 September 2007.
- ↑ "ASIC approved EDR schemes". Archived from the original on 26 October 2008. Retrieved 17 December 2008.
- ↑ "Australian Competition & Consumer Commission". Archived from the original on 21 November 2008. Retrieved 17 December 2008.
- ↑ "Increase of monetary compensation limit - CIO". www.cio.org.au. Archived from the original on 11 August 2016. Retrieved 10 August 2016.