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| Australian Securities and Investments Commission Consumers’ Advocacy Panel | |
|---|---|
| Name | Australian Securities and Investments Commission Consumers’ Advocacy Panel |
| Formation | 2015 |
| Headquarters | Sydney |
| Leader title | Chair |
| Parent organization | Australian Securities and Investments Commission |
Australian Securities and Investments Commission Consumers’ Advocacy Panel The Australian Securities and Investments Commission Consumers’ Advocacy Panel is an advisory body established to represent consumer interests in the regulation of financial services, superannuation, banking and insurance in Australia. It provides independent advice to policy-makers and regulators, engages with community organisations, and contributes to inquiries and reviews conducted by national institutions. The Panel operates within the framework of Australian law and interacts with a range of statutory agencies and advocacy groups.
The Panel advises the Australian Securities and Investments Commission on consumer protection issues arising from the regulation of banking in Australia, insurance in Australia, superannuation in Australia, securities regulation in Australia, and financial services in Australia. It was conceived to bridge engagement between ASIC and stakeholders such as Consumer Action Law Centre, Choice, Financial Rights Legal Centre, Australian Council of Social Service, and peak bodies including Australian Bankers' Association and Insurance Council of Australia. The Panel’s remit intersects with inquiries by institutions like the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, reviews by the Productivity Commission (Australia), and reforms arising from legislation such as the Banking Executive Accountability Regime and amendments to the Corporations Act 2001.
The Panel was established following policy responses to major inquiries and regulatory reforms in the 2010s, including public debate triggered by scandals examined in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and parliamentary committee reports such as those from the House of Representatives Standing Committee on Economics. Its creation reflected recommendations by consumer advocacy groups and submissions to reviews led by the Australian Government and shadow inquiries scrutinising Commonwealth Treasury (Australia) proposals. Founding members included representatives with experience from organisations such as ACOSS, MoneySmart, and legal advocacy groups that had participated in consultations with the Attorney-General's Department (Australia) and the Australian Law Reform Commission.
The Panel’s formal functions include providing strategic advice, identifying consumer harm, and suggesting priorities for ASIC’s enforcement and education activities. It submits advice on matter areas including financial advice in Australia, credit in Australia, debt collection in Australia, and consumer protections under the National Consumer Credit Protection Act 2009. The Panel engages with stakeholders such as Reserve Bank of Australia, Treasury (Australia), and ombudsman schemes including the Australian Financial Complaints Authority to coordinate responses to systemic issues. It also advises on outreach through platforms like ASIC's MoneySmart and participates in consultation processes tied to parliamentary inquiries and tribunal decisions such as those of the Administrative Appeals Tribunal (Australia).
Membership comprises individuals appointed for skills in consumer law, financial counselling, community advocacy, and academic research. Appointment processes involve advertisement through public service channels and selection by senior officials within ASIC, with input from ministers and consultations with organisations like Consumer Credit Legal Service and Financial Counselling Australia. Chairs and members have included professionals from universities such as University of Melbourne, University of Sydney, and institutions like Griffith University and Monash University, and practitioners drawn from firms or NGOs known within the sectors, including KPMG Australia alumni and advocates formerly engaged with the Australian Competition and Consumer Commission.
The Panel produces advice papers, submissions to parliamentary inquiries, and stakeholder briefings; it contributes to consultation papers issued by bodies such as ASIC, Treasury (Australia), and the Productivity Commission (Australia). Past outputs have addressed issues covered in reports by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, responses to regulatory proposals from APRA, and input on consumer-facing initiatives promoted by Services Australia and Centrelink. The Panel’s consultations draw on evidence from community legal centres, industry submissions from groups like the Australian Financial Review commentary, academic studies published through presses associated with ANU Press and policy think tanks such as the Grattan Institute.
Advocates credit the Panel with elevating consumer perspectives in regulatory priorities, influencing ASIC enforcement approaches, and prompting educational initiatives comparable to MoneySmart. Critics argue the Panel’s advisory remit lacks enforcement power, pointing to limitations similar to debates around the independence of bodies reviewed by the Parliamentary Joint Committee on Corporations and Financial Services. Some commentators from outlets like the Australian Financial Review and submissions by the Law Council of Australia have questioned the Panel’s representativeness and resourcing, while advocacy organisations such as CHOICE have sought stronger statutory mandates through amendments to the Corporations Act 2001.
The Panel operates as an independent advisory mechanism within the institutional architecture led by ASIC; it liaises with statutory regulators including Australian Prudential Regulation Authority and with dispute resolution bodies like the Australian Financial Complaints Authority. It collaborates with community organisations such as Financial Counselling Australia, legal advocacy groups like the Human Rights Law Centre, and research centres at universities including University of New South Wales and University of Queensland. The Panel’s work feeds into regulatory consultations, parliamentary inquiries, and public policy debates involving actors ranging from the Treasury (Australia) to industry associations such as the Australian Bankers' Association and media institutions including the ABC (Australian Broadcasting Corporation).
Category:Financial regulation in Australia Category:Consumer organisations in Australia