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It is generally the case that Australian Banking and Financial Institutions are regulated by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA). Customer relations are typically regulated by the National Credit Consumer Credit Protection Act 2009 and The Australian Consumer Law, as contained at Schedule Two of the Competition and Consumer Act 2010.

Generally the controls of APRA and ASIC relate to the business conduct of the banks and matters such as reserve capital and risk. If you have a dispute with your bank or financial institution, we encourage you to call us to discuss your matter further.

If your matter is in relation to consumer regulations, then you may have grounds pursuant to the NCCCPA or the ACL. The Australian Consumer Law, as contained at Schedule Two of the Competition and Consumer Act 2010 may be one of your protections in claims relating to Mortgages. The Australian Consumer Law may give remedies in relation to conduct such as:

  1. Unconscionable conduct which is, amongst other things, an abuse of superior bargaining power in dealings;
  2. Unfair contract terms in standard form contracts;
  3. Misleading or deceptive conduct;
  4. False representations.

The National Credit Consumer Credit Protection Act 2009 is a federal statute which has the function of ensuring that banks accord with the principle of responsible practice. Within the Act, at Schedule One is the National Credit Code. Of particular importance may be clause 31A of the National Credit Code, which relates to restrictions on fees and charges for small amount credit contracts. If you feel that your provider has acted unfairly, unreasonably or unlawfully, we encourage you to contact us.

If you are unsure of your rights in relation to dealings with a bank or financial institution, or if you have had contact with the regulating body in relation to alleged breaches of the codes/ statutory rights, we recommend that you contact our firm on (02) 9233 4048 or send an email to info@navado.com.au and arrange an appointment to see one of our Compliance & Regulatory Law Solicitors. 

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This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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