The Australian Competition and Consumer (ACCC) has published its 2024–25 compliance and enforcement priorities in relation to the Competition and Consumer Act 2010.

Its enforcement and compliance priorities for 2024-25 relevant to financial services include:

• Consumer, product safety, fair trading and competition concerns in relation to environmental claims and sustainability.
• Promoting competition in essential services with a focus on telecommunications, electricity, gas and financial services.
• Consumer and fair trading issues in the digital economy, with a focus on misleading or deceptive advertising within influencer marketing, online reviews, in-app purchases and price comparison websites.
• Unfair contract terms in consumer and small business contracts.

The ACCC will give particular consideration to those matters which also have the following factors:

• conduct that is of significant public interest or concern
• conduct that results in substantial consumer or small business detriment
• conduct that has a significant impact on the cost of living
• national conduct by large traders, recognising the potential for greater consumer detriment and the likelihood that conduct of large traders can influence other market participants
• conduct or practices that disproportionately targets consumers experiencing vulnerability or disadvantage
• conduct involving a significant new or emerging market issue or where its action is likely to have an educative or deterrent effect
• where its action will help to clarify aspects of the law, especially newer provisions of the Act.

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