Inquiry into the financial services regulatory framework in relation to financial abuse in Australia, in particular:
- The prevalence and impact of financial abuse, including:
- the approaches taken by financial institutions to identify, record and report financial abuse, and any inconsistencies arising therein;
- the impact of the shift of financial products to online platforms; and
- any other contributory factors.
- The effectiveness of existing legislation, common law, and regulatory arrangements that govern the ability of financial institutions to prevent and respond to financial abuse, including the operation of:
- the National Consumer Credit Protection Act 2009;
- the Privacy Act 1988 (Cth);
- the Australian Securities and Investments Commission Act 2001;
- the Insurance Contracts Act 1984;
- legislation and statutory instruments for superannuation; and
- state and territory laws and regulations.
- Other potential areas for reform, such as prevention, protection, and proactive systems, including:
- existing financial product design;
- emerging financial products;
- employee training;
- culturally appropriate responses; and
- any other appropriate response, for example, mandatory reporting.
- Steps that might be taken to support financial institutions to better detect and respond to financial abuse.
- The role of government agencies in preventing and responding to financial abuse.
- The funding and operation of relevant advisory and advocacy bodies.
- Any other related matters, including comparative information about arrangements in relevant overseas jurisdictions.