Tuesday, 20 October 2015
The Turnbull Government will move to make Australia’s financial system fairer and more transparent, with the release of the Government response to the Financial System Inquiry today.
Gold Coast MP Steven Ciobo said the Government had accepted the overwhelming majority of the Inquiry’s recommendations, building on existing policy to improve our financial system.
“Some of the biggest decisions we make in life – buying a home, saving for retirement or starting a business – are all supported by our financial system,” Mr Ciobo said.
“We are delivering a financial system that is resilient, efficient and fair for everyone.”
One of the key measures of the program will be a legislative ban on excessive customer surcharges on card payments, for which the Australian Competition and Consumer Commission (ACCC) will be responsible for enforcing.
“All Gold Coasters would have been hit by unfair surcharges for card payments at some point,” Mr Ciobo said.
“This sneaky practice of overcharging customers will be eliminated by introducing card surcharging rules.”
Gold Coasters will also be protected from unfair treatment by financial advisers and service providers, with the Government increasing accountability and raising the standards for financial advisers operating in Australia.
The full Government response to the Financial System Inquiry can be found at www.treasury.gov.au/fsi.