2.3 The interdependence between different sectors of an economy

Question 1

what does gov do to protect consumers

Answer 1

regulates financial sector

Question 2

ASIC expanded

Answer 2

Australian Securities and Investment Commission

Question 3

who are ASIC

Answer 3

independent Commonwealth Government body responsible for regulation of financial sector

Question 4

what acts does ASIC operate under

Answer 4

Corperations Act 2001 (Cwlth)
National Consumer Credit Protection Act 2009 (Cwlth)

Question 5

ASIC main roles

Answer 5

• monitor financial services industry
• moniter provision of financial serices
  (eg investment advice)
• provides consumer protection in financial services
  (including: shares, super, insurance)

Question 6

financial institutions act as ________ between _______ and _______ in an economy

Answer 6

financial institutions act as INTERMEDIARIES between BORROWERS and SAVERS in an economy