The Consumer Action Law Centre (Vic) recently coordinated a response to the Proposal Paper on Design and Distribution Obligations (DADO) and Product Intervention Power (PIP) from the Financial Services Division of the Commonwealth Treasury.
The project, which was made possible by funding from the Australian Securities and Investments Commission (ASIC), encouraged a consumer-centred approach to the design and distribution of financial products to ensure that, “consumers receive fair and appropriate treatment from financial firms.”
Consumer Credit Legal Service (WA) Inc is proud to be a co-signatory to the submission.
In closing, the submission states, “we support the extension of the design and distribution obligations and product intervention power to unlicensed financial service and credit providers. We recommend that these entities be required to be registered with an EDR scheme to ensure consumers have appropriate access to redress.”
The full report can be downloaded here: Joint Consumer Submission DADOs and PIPs (609 downloads) .