banking sector – Global Investment Law Watch

Australia: Financial Abuse and the Need for Better Financial Services Regulation

Feb 02 2025

In December 2024 the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) published a Report following an inquiry into how well the existing financial services regulatory framework is protecting against financial abuse. The Report highlighted a range of regulatory gaps and considered how financial institutions could better mitigate the risk of financial abuse.

Australia: How Do Your Internal Dispute Resolution Processes Stack Up?

Dec 12 2024

By: Claudine Salameh and Tamsyn Sharpe

Financial firms are required to maintain clear internal dispute resolution (IDR) processes to allow customers to seek redress where they are dissatisfied with the firm’s products or services. Access to fair, timely and effective IDR is an important tenet of consumer protection. Financial firms are required to acknowledge the receipt of a customer’s complaint within 24 hours and resolve standard complaints within 30 days.

Tag:banking sector