ACCC

This section describes the main functions of some other important organizations with a regulatory role in the financial services sector

The Australian competition and consumer commission promotes competition, fair trading and consumer protection

The Australian taxation office is the government’s main revenue collection agency

The Australian securities exchange is Australia’s primary national stock exchange

The Australian transaction reports and analysis centre is the government’s anti-money laundering and financial intelligence unit

Accc promotes competition and enforces the laws on fair trade and consumer protection. Its function also includes:

Vetting proposed price rises

Holding inquiries into pricing practices

Monitoring the prices, costs and profits of an industry or business. The ACCC protects consumers by:

Prohibiting misleading or deceptive conduct by businesses

Monitoring compliance with product safety standards

Enforcing liabilities for defective goods

Prohibiting unconscionable conduct by business in their dealing with customer

The ACCC prohibit such anti-competitive practices as:

Price fixing (cartels) and market sharing

Misuse of market power

Exclusive dealing

The ACCC has enforcement and compliance power. It responds to complaints about credit, health insurance, superannuation and illegal activity by small business.

For example, it investigates complaints about harassment and coercion by debt collector.

It also regulates the energy and telecommunication market.

The ACCC is a statutory authority established in 1995 as part of the government’s national competition policy reform program. It was formed by the merger of the trade practiced commission and the prices surveillance authority.

The ACC administer the trade practice act 1974 and other legislation. The Australian energy regulator is a constituent part of the ACCC.

Section 60 of the trade practice act prohibited coercion or harassment of consumer in connection with goods or services, or payment for goods or services, including debt collection.

The ACCC monitors compliance with the act. The ACCC deals with companies that operate nationally or in more than one state, while the office of fear trading or consumer of affairs in each state and territory deal with the local company.

The ACCC and ASIC cooperate with each other by exchanging information referring complaint and providing assistance.

The ACCC does not handle complaints about misleading or deceptive conduct in relation to financial services – this is done by ASIC.