The federal government is launching an inquiry into Australia’s financial services regulatory framework in relation to financial abuse.
We know that many of you have firsthand experience supporting customers through financial abuse, which is why we are committed to ensuring that the voices of frontline workers are represented in this inquiry.
Our submission will focus on the customer impact of moving financial services online and the quality of training provided to workers.
Have you had an experience where you have assisted a customer facing financial abuse, or detected such abuse? Does your employer provide adequate training and support for assisting customers facing financial abuse?
Please share your experiences here
These are the terms of reference for the inquiry:
- 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.
