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Regulation governing the provision of credit assistance and financial advice in Australia: a consumer’s perspective

North, Gill 2015, Regulation governing the provision of credit assistance and financial advice in Australia: a consumer’s perspective, Federal law review, vol. 43, no. 3, pp. 369-396.

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Title Regulation governing the provision of credit assistance and financial advice in Australia: a consumer’s perspective
Author(s) North, Gill
Journal name Federal law review
Volume number 43
Issue number 3
Start page 369
End page 396
Total pages 28
Publisher Australian National University, Faculty of Law
Place of publication Canberra, A.C.T.
Publication date 2015
ISSN 0067-205X
1444-6928
Summary Five years ago the global financial crisis threatened the world’s financial system and its aftermath wreaked devastation across many parts of the globe. Mis-selling of home mortgages to consumers unable to repay their loans and global sales of financial products linked to residential lending were at the heart of the crisis. Financial reforms governing housing credit frameworks and the selling of complex financial products have ensued within domestic and international spheres. This article reviews the regulatory structures in Australia governing the provision of residential housing mortgages and credit assistance and the provision of financial advice. Its analysis focuses on customer suitability processes, client duties, and remuneration provisions because these legal features significantly influence, and can adversely impact, consumer outcomes. It suggests specific reforms to ensure adequate consumer protection and enhance the consistency and efficacy of the credit framework. It also calls for renewed debate on the remuneration structures of mortgage brokers.
Language eng
Field of Research 180199 Law not elsewhere classified
1801 Law
Socio Economic Objective 900101 Finance Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Australian National University, Faculty of Law
Persistent URL http://hdl.handle.net/10536/DRO/DU:30091194

Document type: Journal Article
Collections: Law
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