Protecting Consumers From Their Own Trusting Natures

by Tim O’Dwyer Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au

(This article first appeared in the Canberra Times)

No-one was surprised when ASIC found that, despite the introduction of the Financial Services Reform Act earlier this year, some financial advisers were failing to disclose “soft dollar commissions” or their disclosure of kickbacks, bonuses and rebates from financial bodies was vague or confusing…

…Consumers may need to be educated (and warned) in the same way they are entertained colourfully and cleverly through radio, TV, movies, the internet and magazines. The backs of buses, billboards and even flashing neon signs may be some of the media to be considered to get this message across loudly and clearly: Don’t trust anyone, and if you do, assume they will let you down.

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