Australian Banking and Finance Law and Regulation

In Australia, the regulatory oversight of credit and financial products is primarily vested at the federal level. Credit products are regulated by the National Consumer Credit Protection Act 2009 (Cth). This Act replaced the prior state-based system, notably the Uniform Consumer Credit Code. This chapter expounds upon the regulatory architecture governing financial products. It is paramount to acknowledge that additional regulations, regulatory guides and sector-specific codes are crucial to the Australian regulatory matrix concerning financial affairs. Before embarking on a detailed analysis, a brief overview of the historical context leading to the present regulatory system for financial products in Australia is warranted. Pivotal moments in this narrative are the Wallis Inquiry, the Murray Inquiry and the Banking Royal Commission, which largely shaped financial regulation as it is today. With this foundational understanding established, our subsequent focus transitions to the requisite licensing conditions and the salient duties incumbent upon licensees. The most recently introduced product design and distribution obligations and product intervention order are also discussed.