The Standing Committee of Officials of Consumer Affairs has released a report titled: ‘Simplification of Disclosure
Regulation for the Consumer Credit Code: Empirical Research and Redesign‘.

The key purpose of the research was to develop a consumer credit pre-contractual disclosure model which would provide consumers with a significantly better tool for comparing credit products and credit providers than the current method.

The report concludes that the existing model is hard to understand by consumers. The study has produced an easier to understand disclosure model.

The research is expected to be useful during the Commonwealth’s second phase of its action plan for the transfer of responsibility for the regulation of credit, as well as providing relevant information to a parallel process being undertaken by the Commonwealth in relation to the disclosure provisions for other financial services.