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In addition to the Australian Consumer Law, there is other important legislation that regulates undesirable conduct in business. One example is the Australian Securities and Investments Commission Act 2001 (Cth), which extends the consumer protection provisions of the ACL to financial service providers.
Australian Securities and Investments Commission v Kobelt [2018] FCAFC 18
Also important are the provisions of the Corporations Act 2001 (Cth) which set out professional standards for financial advisors. In particular, financial advisors are required to comply with their industry Code of Ethics. This code requires that financial advisors should not attempt to circumvent the intent of applicable laws or the code itself; that they must act with integrity and in the best interests of each of their clients; and that they must at all times avoid any conflict of interest or duty.
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