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Regulation for Compensation for Loss in the Financial Services Sector

Date:

Thursday, 2 November 2006

Content ID:

1181

Abstract:

The Government has finished its review of possible compensation arrangements for losses by retail clients who may make successful claims against financial services licensees in the financial services sector.  The review was initiated in 2002 to promote discussion on what, if any, compensation arrangements should be put in place and, if so, what it should cover and the appropriate mechanisms. 

The Government believes the draft regulation reaches a balance between consumer protection and the cost to businesses.

Written submissions commenting on the proposed regulation can be forwarded to:

The Manager - Investor Protection Unit
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES    ACT   2600

E-mail: fsrcomments@treasury.gov.au

The closing date for submissions is 5pm on 30 November 2006.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Draft regulation  29.96kb
Draft regulation impact statement  85.51kb
Draft explanatory commentary and statement  38.31kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Draft regulation  336.48kb
Draft regulation impact statement  186.17kb
Draft explanatory commentary and statement  65.88kb

Related Items:

Submissions: Regulation for Compensation for Loss in the Financial Services Sector - 12/02/2007

Below is a list of submissions received in response to the Government's paper on the Regulation for Compensation for Loss in the Financial Services Sector.

Compensation for Loss in the Financial Services Sector - Position Paper - 24/12/2003
This is the second paper in the Commonwealth’s review of compensation for loss in the financial services sector. The review was initiated to promote discussion on whether compensation mechanisms should be required in this sector and, if so, what they should cover and the appropriate …
Compensation for Loss in the Financial Services Sector - Issues and Options - 6/09/2002
The purpose of this review is to consider compensation arrangements in the financial services sector, with the aim of ensuring that Australia has a comprehensible and efficient compensation regime, which provides appropriate protection for investors and does not impose an unjustified burden on …

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website

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