The Australian Securities and Investments Commission’s new Executive Director of Consumer Protection and International Relations Greg Tanzer has used the introduction of the Financial Services Reform Act as an excuse to get in consumers’ ears about consumer protection.

Recently taking over from well-known consumer advocate Peter Kell, Mr Tanzer told consumers they could now feel confident when dealing with financial services businesses because businesses “must operate efficiently, honestly and fairly”.

Reinforcing key aspects of the FSR legislation, he outlined the information consumers should receive in financial services guides, statement of advice, and product disclosure statement.

“Consumers are now better able to compare the relative benefits of different financial products, and what product is best suited to their needs,” Mr Tanzer said. “In the event that consumers experience problems with their financial services provider, there are now consistent complaints-handling procedures in place.”