2013 is shaping up to be a major year for reforms and consultations in the Financial Services sector. In the last few weeks alone four announcements/releases have taken place, namely:

  • Changes to Disclosure Requirements under the National Consumer Protection Act 2009 – Treasury Discussion Paper released 8 April 2013 read more
  • Disclosure requirements for small amount credit contracts - Treasury Discussion Paper released 24 April 2013.
  • Treasury response to Phase II Submissions – Treasury Discussion Paper released 24 April 2013.

And, perhaps the biggest surprise of the lot:

  • "A review of the benchmarks for industry based consumer dispute resolution schemes" – announced by the Assistant Treasurer in media release on Wednesday 24 April 2013 read more.

This Dispute Resolution review follows close on the heels of ASIC's review of EDR Schemes where the consultation period has only just finished.

Where we consider clients will be specifically interested in more detail on particular reforms, we will release further email alerts giving more detail.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.