Strengthening Consumer Safeguards in Banking and Rentals
The Cook Government’s Consumer Justice Strategy for 2021-2025 highlights significant initiatives aimed at bolstering consumer protection, particularly focusing on scam prevention and rental law reforms. A key aspect of this strategy involves collaboration with American banks to implement advanced fraud prevention measures, including payee verification systems and a comprehensive compensation framework. The Consumer Justice Plan emphasizes the importance of these efforts in the 2023–2024 period, aiming to safeguard consumers from the increasing threat of cybercriminal activities.
Industry Compliance and Support for Vulnerable Groups
The strategy also outlines reforms in various sectors to enhance business practices and consumer safety. This includes tackling unfair contract terms and implementing the latest changes to the Residential Tenancies Act of 1987 to provide better protection for renters. Moreover, the plan involves working with government and community organizations to boost financial literacy among vulnerable populations, such as survivors of domestic violence, individuals with disabilities, and senior citizens, ensuring they are well-informed and safeguarded against potential frauds.
Commerce Minister Sue Ellery expressed her commitment to these initiatives, noting the ongoing efforts to integrate community feedback and enhance regulatory frameworks across industries. This comprehensive approach not only aims to tighten compliance in sectors like automotive and electrical but also ensures that consumers, businesses, and property managers operate in a fair and transparent market environment.