Summary

Gives effect to certain recommendations of the Financial Services Royal Commission by amending the:

(ASIC Act) and (IC Act) to enable the unfair contract terms regime under the ASIC Act to apply to insurance contracts covered by the IC Act; ASIC Act and to specify that the consumer protection provisions of the ASIC Act apply to funeral expenses policies; and to: require mortgage brokers to act in the best interests of consumers and give priority to consumers in certain circumstances where there is a conflict of interest; provide that mortgage brokers and mortgage intermediaries must not accept conflicted remuneration; prohibit employers, credit providers and mortgage intermediaries from giving conflicted remuneration to mortgage brokers or mortgage intermediaries; and enable the circumstances in which the prohibition on conflicted remuneration applies to be prescribed by regulation; and to make consequential amendments.