New section 30I: Other procedural requirements in relation to consumer orders
590.This section sets out the procedural requirements relating to the making, varying or revoking of a consumer redress order with which the Authority must comply.
591.Subsection (1) requires the Authority to give notice if it proposes to make a consumer redress order. Subsection (2) sets out the information which a notice must include. For example, the notice must set out the regulated person to whom it will apply, the contravention in respect of which the order is to be made, the consumers affected or description of such consumers and the requirements to be imposed by the order and the timeframe within which representations or objections with respect to the proposed order may be made. The Authority must consider any representations or objections which are made and not withdrawn.
592.Subsection (3) describes the procedural requirements which apply if the Authority decides to vary a proposal to make a consumer redress order. In particular, the Authority must give reasons for the proposed variation and must leave time for representations or objections to be made.
593.Subsection (4) sets out the process by which the Authority may revoke a consumer redress order. The Authority cannot revoke a consumer redress order until it has given notice stating its reasons for proposing the revocation of the order and considering any representations or objections made for or against the proposal to revoke the order.
594.Subsection (5) describes how a notice which is required under this section must be effected. It requires a notice to be served on a regulated person and on each affected consumer. However, as an alternative to serving a notice on each affected consumer the Authority can give affected consumers notice by publishing the notice in such manner as it considers appropriate for the purpose of bringing the matters in the notice to the attention of affected consumers.
595.Subsection (6) defines the “relevant date” in relation to a notice under this section.
