Consumer financial capability
69. Most submissions argued that improved consumer financial capability is needed, but that it is not a solution in its own right. Submissions identified two types of consumer education (1) to enable consumers to make better decisions when entering into transactions, (2) to inform consumers about the availability of dispute resolution and redress mechanisms. Other elements of the Review of Financial Products and Providers will address particular consumer financial capability issues. For example, the work on security offerings and collective investment schemes will provide an enhanced disclosure regime to help consumers better understand the products they are purchasing.
70. The Ministry of Economic Development and other relevant agencies are working on various initiatives to improve consumer financial capability, however, that work will be addressed outside the proposals contained in this paper or the Review of Financial Products and Providers.
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