Section 58AB — Competition and Consumer Act 2010: Simplified outline of this Part

The Scams Prevention Framework is a multifaceted approach for protecting Australian consumers from scams. The Framework requires service providers in selected sectors of the economy to take a variety of actions to combat scams relating to, connected with, or using their services. These service providers must comply with the overarching principles of the Framework. These principles are about: (a) governance arrangements relating to scams; and (b) preventing, detecting, reporting, disrupting and responding to scams. Under the Framework, the Minister may make a code (an SPF code) setting out sector-specific requirements for the service providers in a selected sector of the economy relating to: (a) governance arrangements relating to scams; and (b) preventing, detecting, disrupting and responding to scams. Under the Framework, the Minister may authorise external dispute resolution schemes for participation by these service providers. The operator of such a scheme will be able to determine complaints by consumers about how these service providers respond to scams. The Commission is to regulate and enforce compliance with the overarching principles of the Framework. Other Commonwealth entities will be selected by the Minister to regulate and enforce compliance with SPF codes.