Draft legislation enforcing the “total price” of goods and services announced this morning by Competition Policy & Consumer Affairs Ministers Chris Bowen don’t affect the financial services sector.

The draft amendments to the Trade Practices Act address the use of component pricing in advertising to consumers.

The legislation will require that, where a business advertises the price of a good or service to consumers, it must display as a single figure the total price of the product, to the extent that it is quantifiable at the time of making the representation.

But the amendments don’t apply to the Australian Securities and Investments Commission Act, meaning that financial services are exempt.

“The Government is not interested in placing an undue burden on business or trying to fix a problem that doesn’t exist,” Mr Bowen said.

“Financial services are covered by the financial disclosure provision of the Corporations Act and do not lend themselves to this style of change.”