27 May 2020
The Australian Banking Association (ABA) supports an effective regulatory regime that provides consumers and small business with a strong level of protection from unfair contract terms (UCTs) in standard form contracts.
In our view, making UCTs illegal and attaching penalties will result in a more legalistic approach to contracting and an adversarial process with regulators. We believe that a supervisory focused enforcement approach by regulators can best deliver improved outcomes for small business.
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The ABA continues to support the intent of the CSLR as a last-resort scheme that compensates genuine victims where they have suffered actual financial loss as a result of financial misconduct that they have otherwise been unable to recover.
The Australian Banking Association (ABA) welcomes the opportunity to make a submission to the Treasury consultation Registry Stabilisation and Uplift – draft legislation (the consultation).
The Australian Banking Association welcomes the opportunity to comment on the Consultation Paper – 2026 Reforms to the AML/CTF Act.