Reading Between The Regulator’s Lines

by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au

When Graeme Samuel, Chairman of the Australian Competition and Consumer Commission addressed a gathering of Real Estate Institute of Victoria members two years ago, his speech soon drew flack. This came not only from Kareena Ballard, then President of the Real Estate Institute of Australia, in a letter published in the Financial Review, but also from consumer advocate Neil Jenman on his website www.Jenman.com.au Neil Jenman picked up on Samuel’s assurance that the ACCC would “continue to keep a close eye on the property spruikers and take action to protect consumers.” In Jenman’s view this was merely tough talk while consumers continued to hand over millions of dollars to dozens of untouched, brazen and active spruikers promising to make mugs into millionaires. Jenman says spruikers’ claims of “quick riches” should draw “quick action” from “Sheriff Samuel”.

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