Automotive franchising draft regulations 2020
Car manufacturers, new car dealers and customers now have an opportunity to comment on the draft regulations that introduce changes for the sector under the Franchising Code of Conduct.
In early 2019, the Department of Industry, Science, Energy and Resources ran a consultation examining the relationship between new car dealers and manufacturers who are subject to the Franchising Code of Conduct, a mandatory code of conduct under the Competition and Consumer Act 2010. The process led to the refinement of the policy options.
The department is now consulting interested stakeholders on the draft regulations which will be implemented as an amendment to the code of conduct.
Make your submission here.
Consultation closes on 13 March.
Securing the Internet of Things for Consumers: Voluntary Code of Practice
The Internet of Things includes everyday devices that connect to the internet and send and receive data. This includes devices like smart TVs, smart watches and baby monitors.
The Australian Government is seeking views to shape its proposed voluntary Code of Practice: Securing the Internet of Things for Consumers.
The voluntary Code of Practice: Securing the Internet of Things for Consumers is intended for an industry audience, but everyone has a role to play in improving cyber security in the Internet of Things. You can contribute your views by submitting a response.
Submit your responses by using the Code of Practice: Securing the Internet of Things for Consumers – submission form.
Please share your views by no later than 1 March 2020.
ASIC consults on draft guidance on the new best interests duty for mortgage brokers
ASIC has started a four week consultation on draft guidance about the new best interests duty for mortgage brokers.
The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to prioritise consumers’ interests when providing credit assistance.
ASIC’s proposed approach to the guidance is outlined in Consultation Paper 327 Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty (CP 327). Consistent with the legislation, the draft guidance is high-level and principles-based, but also incorporates practical examples. The purpose of the guidance is to explain the obligations introduced by the Government, it does not prescribe conduct or impose additional obligations.
The draft guidance is structured around the key steps common to the credit assistance process of brokers, such as gathering information, considering the product options available and presenting options and a recommendation to the consumer.
ASIC welcomes views from all interested stakeholders on the proposals in CP 327, as well as the draft guidance. This will allow ASIC to understand how the guidance can best assist brokers to meet these new legal obligations. ASIC expects that the new obligations will also improve competition in the home lending market.
ASIC seeks public comment on the draft guidance by 20 March 2020.
View Consultation Paper 327: Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty