ACCC warns penalties will cause “financial pain”
Rod Simms, Chairman of the Australian Competition and Consumer Commission (ACCC), has warned that companies which break Australian consumer law will face penalties high enough to affect share prices, after the parliament voted last year to significantly raise key penalties. Simms stated, “You’ve got to remember, these companies are in business to make money, they’re in business to grow shareholder value. How do you get their attention? By affecting shareholder value.” Simms has also signaled that boosting competition in the banking sector is a key priority for the regulator moving forward.