Consultation: Fair Outcomes for Consumers and Markets

Summary

The Salvation Army (TSA) supports the FMA’s proposed approach to embedding a regulatory approach that focusses on fair outcomes for consumers and markets. As a Social Service which provides financial mentoring our primary focus is on the wellbeing of vulnerable consumers. Whilst we support the fairer outcomes approach, we acknowledge that such theoretical approach needs to be able to translate to practical and tangible outcomes for vulnerable consumers. Therefore, we have used Payment Protection Insurance for motor vehicles as an example to how we view these proposed outcomes and approach and the potential of such approach to mitigate the harms created such detrimental products.

---

 

Photo by micheile henderson on Unsplash