9.3: Involve the consumer protection authorities
WG deliberations benefit from participation of the Competition Authority.
The NT is spearheading the development of a National Financial Services Consumer Protection Bill.
Provisions for consumer protection for consumers of financial products and services are included in the FSA Bill 2016 with an increased move towards the design of a robust market conduct framework.
As earlier noted in Activity 7.1.1, the NT is focused on the Financial Markets Conduct Bill 2018. The Financial Markets Conduct Bill proposes the creation of the Financial Markets Conduct Authority, whose objective would be to protect retail financial customers, promote competition and development in the financial sector. The Bill also proposes the creation of a Financial Sector Ombudsman whose role shall entail tackling any issues brought forward by retail financial customers and financial service providers.