A speech by the Assistant Treasurer on 8 June has provided a useful summary of the Government’s consumer protection reform program including Phase 2 of the consumer credit reforms which will cover credit cards, consumer leases, interest rate caps and reverse mortgages and proposed changes to regulation of financial advice, superannuation and not-for-profits.

A complementary speech by the Parliamentary Secretary to the Treasurer, discussed the unfair contracts provisions of the Australian Consumer Law and made clear the Government’s determination to bring insurance contracts within the broader UCT framework. (Background: Options Paper)