What does the Australian Securities and Investments Commission Act 2001 do?
ASIC is an independent Australian Government body. Our role under the ASIC Act is to: maintain, facilitate and improve the performance of the financial system and entities in it. promote confident and informed participation by investors and consumers in the financial system.
What is ASIC regulation?
We regulate financial services and consumer credit, and authorised financial markets operating in Australia. Financial services. Consumer credit. Markets. We license and monitor financial services businesses to ensure that they operate efficiently, honestly and fairly.
What is the role of Australian Competition and Consumer Commission?
The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians …
What types of complaints does ASIC deal with?
ASIC is interested in scams involving a financial product, such as:
- financial products and services promising returns that are too good to be true.
- phone investment scams.
- pyramid marketing schemes involving a financial product.
What areas does ASIC regulate?
ASIC regulates the conduct of Australian companies, financial markets, financial services organisations (including banks, life and general insurers and superannuation funds) and professionals who deal in and advise on investments, superannuation, insurance, deposit-taking and credit.
What was the penalty for breaching the ASIC Act?
ASIC successfully established a breach of the ASIC Act, with White J ordering that Mr Kobelt pay a penalty of $100,000 to the Commonwealth, concluding that while the system provided some benefits to the Anangu customers, it took advantage of their poverty and lack of financial literacy, tying them to his store in an exploitative and predatory way.
Can a section of the Australian Securities and Investments Act be applied to?
(b) this section is capable of applying to a system of conduct or pattern of behaviour, whether or not a particular individual is identified as having been disadvantaged by the conduct or behaviour; and
What was the High Court decision in ASIC v Kobelt?
Statutory unconscionability revisited in ASIC v Kobelt By a 4:3 majority, the High Court of Australia has upheld the Full Federal Court’s decision regarding the actions of a storekeeper who provided a “book-up” credit service to indigenous residents in rural South Australia.
https://www.youtube.com/watch?v=SEaps1MZWtg
