Australian Property Investment Advice: An Unregulated Industry and the Need for Better Consumer Protection Laws

OXFORD BUSINESS AND ECONOMICS CONFERENCE PROCEEDINGS, Atul Gupta, ed., Oxford University Press, 2009

22 Pages Posted: 23 Mar 2012

Abstract

Currently, consumers have no means of protecting themselves when they are looking for property investment advice in Australia. There is no uniform national or State regulation in the property investment advice and marketeering industry. The only protection and remedies currently available are those under the general consumer protection laws scattered in various Acts, and even so, these have numerous problems. This paper highlights what those problems are under the general consumer protection laws and suggests some changes to the current system. The paper also argues that a national co-operative approach is the only way to move forward in this area and suggests that the constitutional difficulty can be overcome by using the legislative conferral of state powers provision, which has often been overlooked. The paper also argues that a new regulator be set up to administer and enforce the new proposed laws on property investment advice.

Keywords: property investment advice, consumer protection laws

Suggested Citation

Thai, Lang, Australian Property Investment Advice: An Unregulated Industry and the Need for Better Consumer Protection Laws. OXFORD BUSINESS AND ECONOMICS CONFERENCE PROCEEDINGS, Atul Gupta, ed., Oxford University Press, 2009 , Available at SSRN: https://ssrn.com/abstract=2027746

Lang Thai (Contact Author)

University of Lincoln

Lincoln Law School
Lincoln, LN6 7TS
United Kingdom

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