Consumer Regulation Compliance ◼ National Consumer Credit Protection Act 2009 (Cth) became law ◼ Includes the National Credit Code (NCC) ◼ The National Credit Code (NCC) was formerly the Uniform Consumer Credit Code ◼ Lenders must disclose key information (all fees and charges) ◼ All providers of consumer credit must be licensed with ASIC 25 Australian Financial Complaints Authority (AFCA) ◼ Free independent external dispute resolution service for financial products and services, including loans ◼ Exclude disputes over interest rates, fees, granting or declining of credit, disputes already subject in other proceedings (e.g. in court) ◼ Not binding: either party can take legal action 26 Code of Banking Practice ◼ All banks subscribe to the Code of Banking Practice ◼ Outlines what customers should expect in terms of good banking service ◼ Formalises standards of disclosure and conduct ◼ Requires banks to have internal dispute resolution procedures in place

Which of the following is NOT associated with Australian regulatory structure? I. Regulation of market integrity and consumer protection by ASIC II. Supervision of competition policy by Australian Competition and Consumer Commission (ACCC) III. Maintaining the soundness and stability of the financial system by RBA IV. Prudential regulation of authorised deposit taking institutions by APRA and emergency liquidity support of the overall financial system together with ensuring solvency of individual financial institutions by RBA

Column A1.Regulates the collection, dissemination and use of consumer credit information.:Regulates the collection, dissemination and use of consumer credit information.2.A law that sets requirements for billing disputes.:A law that sets requirements for billing disputes.3.Must show how long it will take to pay your balance off if you make only the minimum payment.:Must show how long it will take to pay your balance off if you make only the minimum payment.4.Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.:Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.5.Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.:Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.Column Ba.Fair Credit Reporting Actb.Fair Debt Collection Practices Actc.Fair Credit Billing Actd.Credit Card Accountability Responsibility and Disclosure Acte.Equal Credit Opportunity Act

Regulation C implements theFair Credit Reporting Act.Truth in Lending Act.Community Reinvestment Act.Home Mortgage Disclosure Act.

What are some of the obligations laid down by regulatory factors? (select all, if any, that apply)Group of answer choicesVerify ID, CDD, ECDD, Ongoing CDD of customersMaintain the records of customers’ transactions, identification, electronic funds transfer instructions and details of AML/CTF programsReport transactions to FIU/regulatorAppoint AML/CTF compliance officerEnrolment with government regulatorConduct ML/TF risk assessment of customers, their businesses, and relationshipsEstablish AML/CTF risk management programs

Define Consumer Affairs Victoria*1 pointVictoria’s government body established to regulate the marketplace, helping ensure fairness for businesses and consumersA government body that has the role of enforcing the Competition and Consumer Act 2010 (Cwlth) and a range of additional legislation promoting competition and fair trading, and regulating national infrastructureA government agency that aims to reduce workplace injuries and support injured workersA written set of guidelines that are intended to help businesses achieve the standards set by the government (e.g. in dealing fairly with customers)