The Treasury Laws Amendment (Australian Consumer Law Review) Act 2018 which commenced on 26 October 2018 removes the exclusion of publicly listed companies from the persons protected against unconscionable conduct under the Australian Consumer Law (ACL) and the Australian Securities and Investments Commission Act 2001 (ASIC Act). Background.

The prohibition against unconscionable conduct is set out in the ACL (and the ASIC Act with respect to financial services) and prohibits a person, in trade or commerce, from engaging in unconscionable conduct.

Section 12CB of the ASIC Act currently prohibits unconscionable conduct by a person in trade or commerce in connection with the supply or possible supply of financial services to a person, or acquisition or possible acquisition of financial services from a person.

There is no monetary limit on the transaction to which the prohibition applies.

The maximum penalty for a company in breach is currently $2.1 million.