Protection of Financial Consumers in Australia

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by Dr. Andrew D. Schmulow and James O’hara

In “An International Comparison of Financial Consumer Protection”, edited by Tsai-Jyh Chen, published by Springer Press, Singapore, 2018, pp 13-49.

I FINANCIAL CONSUMERS IN AUSTRALIA

(a) Legal Meaning of Financial Consumer
Financial consumers are defined by s 12BC of the ASIC Act worth less than AUD 40,000.00, or if worth more, then ‘of a kind ordinarily acquired for personal, domestic or household use or consumption’; or if the services are for use or consumption in connection with a small business, and cost more than AUD 40,000.00, ordinarily acquired for business use or consumption.

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