Which Act is known for addressing consumer exploitation through unlawful conduct?

The ASIC Act, which stands for the Australian Securities and Investments Commission Act 2001, plays a critical role in regulating the financial services and markets in Australia. It was established to protect consumers by promoting fair and transparent financial practices and to combat unlawful conduct, particularly in the realms of financial products and services.

One of the key objectives of the ASIC Act is to prevent consumer exploitation, especially in situations where people may be vulnerable to misleading or deceptive conduct. The Act gives the Australian Securities and Investments Commission the authority to enforce laws that protect consumers against unfair practices, ensuring that both businesses and individuals adhere to ethical standards in their dealings.

While other acts mentioned also aim to protect consumers and promote fair trading, the ASIC Act is specifically focused on financial products and services, making it pivotal in the context of consumer protections against exploitation. Its regulatory framework empowers ASIC to take action against companies that engage in unlawful conduct, reinforcing the Act's importance in safeguarding consumer interests in financial transactions.