12.09.2023
Data collection and analysis have been crucial in the ALRC’s inquiry into the legislative framework for corporations and financial services regulation. During the Inquiry, the ALRC partnered with leading academics and consumer advocacy group CHOICE to commission survey research of consumer understandings and experiences with financial services and the legislative framework for their regulation.
The results of that survey are in, and they are analysed in detail in the submission of Associate Professor Andy Schmulow, Professor Therese Wilson, Nicola Howell, Professor Nina Reynolds, and Dr Paul Mazzola now available for download.
The survey and submission are particularly focused on fairness in the provision of financial services. Of note, the survey reveals that those who reported experiencing unfair treatment were also more likely to have lower expectations of how financial institutions should behave. In general, survey participants felt that the performance of financial service providers fell short of their expectations.
The ALRC extends its sincerest thanks to the submission’s authors for conducting the survey and analysing the results. The ALRC is also grateful to CHOICE and the more than 2,000 anonymous survey participants.
Both the ALRC and CHOICE contributed funding for the survey and assisted in formulating the questions asked of participants in the survey.
The submission will help to inform the ALRC’s Final Report for this Inquiry, which is due by 30 November 2023.