Subject: consumer education | legal obligation to disclose information | disclosure of information | financial inclusion | K1-7720 | financial education | Financial literacy | legal obligation to educate consumers | Law in general. Comparative and uniform law. Jurisprudence
In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obliga... View more
* This article is based on a paper delivered by Professor Gail Pearson as part of a seminar organised by the Department of Mercantile Law, University of South Africa as part of their community engagement project entitled the "Responsible Use of Credit" held on 28 September 2015 at the University of South Africa, Pretoria, South Africa.
1 See ss 3(e)(i) and 16(1)(a) of the National Credit Act 34 of 2005 (South Africa) (the NCA); s 3(c) of the Financial Services Board Act 97 of 1990 (South Africa) (FSB Act); s 1(2)(b) of the Australian Securities and Investments Commission Act, 2001 (Cth); s 760A(a) of the Corporations Act, 2001 (Cth) (Australia).
2 Section 3(e)(i) read with s 16(1)(a)-(b) of the NCA.
3 Section 3(c) of the FSB Act.
ASIC became responsible in 2008. See ASIC 2016 https://www.moneysmart.gov.au/?referrer=understandingmoney.gov.au and also ASIC 2016 http://www.financialliteracy.gov.au/.
See FCA 2014 http://www.financialcounsellingaustralia.org.au/Corporate/News/14-ofAustralians-won't-understand-this-press-rele.
FOS 2014 see https://www.fos.org.au/custom/files/docs/fos-submission-to-shaping-anational-financial-literacy-strategy-for-201416.pdf; FOS 2014 http://fsi.gov.au/files/ 2014/04/Financial_Ombudsman_Service_attachment_1.pdf.
See ASIC 2016 http://www.financialliteracy.gov.au/supporters/business-and-industry.