Consumers win big with financial sector reforms, says Senator

Consumers will be the big winners in the Coalition Government’s $127.2million reform package to strengthen the financial sector watchdog.

Northern based LNP Senator Ian Macdonald said not only would consumers be better protected by the reforms to the Australian Securities and Investments Commission (ASIC), they would not be hit with the costs of its implementation. 

“Rather than sting the taxpayer for these reforms, which has long been the Labor Party’s mantra, the banks and the financial sector will pay for the additional resources, and ASIC’s costs fully recovered by the industry,” Senator Macdonald said.

Senator Macdonald said the reforms measures will give ASIC stronger powers and an additional $57million for enhanced surveillance capabilities, boost data analytics and enforcement across most areas of the finance sector, including financial advice, responsible lending, life insurance and breach reporting.

Oversight bodies such as the Financial Ombudsman Service and the Superannuation Complaints Tribunal that help residents resolve disputes will be boosted to ensure they are working as effectively as possible and delivering the best possible outcomes for consumers and small business.

“When it comes to economic management, the Labor Party clearly have no idea.” 

“Their solution to the alleged misconduct by the banks is to hold a Royal Commission, which ultimately, of course, would be funded by the taxpayer, meanwhile allowing the banks to continue to profit at the expense of the millions of Australian families.” 

“This is just another example of the stark contrast between Labor’s economic credentials, compared to the measured and responsible approach of the Turnbulll Government.

“At the end of the day, the message of the Australian public is loud and clear when it comes to increased taxation and reckless spending.

“Come election day, I’ve no doubt the voters will make the right choice when it comes to who can best manage our national economy, and who they can entrust their future to.”  

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