1.11.1 - 1.11.3

Question 1

What is the role of New South Wales Fair Trading?

Answer 1

It provides information and assistance to consumers on issues such as consumer complaints, internet shopping, home building, and motor vehicle sales.

It is the state consumer protection agency.

Question 2

List the responsibilities of New South Wales Fair Trading.

Answer 2

• Assisting consumers to resolve their complaints
• Checking that products meet Australian safety standards
• Ensuring that scales, scanners, and petrol pumps are correct
• Warning the community about dubious business practices

These responsibilities help protect consumers from fraud and ensure fair trading practices.

Question 3

What does the term ‘ombudsman’ mean?

Answer 3

It is based on a Swedish word meaning ‘agent’; someone who investigates and reports on complaints.

Ombudsmen exist for various industries to address disputes between consumers and businesses.

Question 4

What service does the Telecommunications Industry Ombudsman (TIO) provide?

Answer 4

Consumer advice and a dispute resolution service for problems with telephone and internet service providers.

The TIO is an industry-specific ombudsman.

Question 5

Name the two federal government commissions responsible for assisting consumers.

Answer 5

• Australian Securities and Investments Commission (ASIC)
• Australian Competition and Consumer Commission (ACCC)

These commissions oversee consumer protection at the federal level.

Question 6

What is the primary function of the Australian Securities and Investments Commission (ASIC)?

Answer 6

To protect consumers in areas like consumer credit, investment, insurance, superannuation, and banking in Australia.

ASIC aims to reduce fraud in financial markets.

Question 7

What does the Australian Competition and Consumer Commission (ACCC) do?

Answer 7

It enforces and administers the Competition and Consumer Act and acts as a watchdog on pricing.

ACCC informs the public about their rights and responsibilities under the law.

Question 8

True or False: The ACCC operates only at the state level.

Answer 8

False

The ACCC operates nationally.

Question 9

Fill in the blank: The Australian Securities and Investments Commission (ASIC) aims to assist in reducing _______ in financial markets.

Answer 9

[fraud]

This includes scams and rip-offs.