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11 October 2021
Consumer Action Law Centre says the Hayne-backed reforms that commenced this month will help improve conduct in the financial services sector.
New breach reporting obligations started on October 1, followed four days later with the introduction of design and distribution obligations laws, a deferred sales model for add-on products, anti-hawking rules and a new duty of disclosure regime
“October is turning out to be a great month for consumers with these long-awaited reforms finally coming into effect,” CEO Gerard Brody said.
“Consumer advocates have been campaigning for years to get these changes made to protect the community from junk insurance sales, high pressure cold calling and poor product design.
“We are very pleased to see these reforms coming into effect.”
The Insurance Council of Australia earlier said it supports the intention of the “once-in-a-generation regulatory reforms” to improve consumer outcomes.