Reports 10 – Australian consumer law – unfair contract terms

From 1 July 2010, ASIC will administer new law to deal with unfair terms in consumer contracts for financial products and financial services. The introduction of a national unfair contract terms law is part of the new Australian consumer law which introduces a single, national consumer law.

The Australian consumer law was passed as the Trade Practices Amendment (Australian Consumer Law) Act (No.1) 2010 which amends the Australian Securities and Investments Commission Act 2001. As part of these reforms ASIC also has new enforcement and consumer redress powers. These new protections and remedies will assist ASIC to perform its role promoting the confident and informed participation of consumers and investors in the financial system.

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