Australian credit cards are governed under Australian laws which regulate credit card use and lending practices to protect consumers. Credit cards have become important payment method and Australia has a few regulating body’s that include credit cards in there agenda.

• Australian Prudential Regulation Authority (APRA)
  http://www.apra.gov.au
• Australian Securities & Investments Commission(ASIC)
  http://www.asic.gov.au
• Australian Competition and Consumer Commission (ACCC)
  http://www.accc.gov.au
• The Reserve Bank of Australia (RBA)

  http://www.rba.gov.au

The Australian Prudential Regulation Authority (APRA) oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.

ASIC is Australia’s corporate, markets and financial services regulator.
ASIC contributes to Australia’s economic reputation and well being by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

ASIC is an independent Commonwealth Government body set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and we carry out most of our work under the Corporations Act.

The Australian Competition and Consumer Commission (ACCC) is an independent body which promotes competition and regulates Australian credit card lenders. The ACCC’s primary responsibility is to ensure that individuals and businesses comply with the Commonwealth’s competition, fair trading and consumer protection laws through the Trade Practices Act. The ACCC educates the Australian public on many matters including credit cards. The ACCC can help in dispute resolutions or take legal action if required.

The Reserve Bank of Australia. As well as being a policy-making body, the Reserve Bank of Australia (RBA) provides selected banking and registry services to a range of Federal Government agencies and to a number of overseas central banks and official institutions..

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Tags: Banks, Credit Cards, law

This entry was posted on Tuesday, May 26th, 2009 at 10:18 am and is filed under Banks, Credit Card Tips, Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.