Does the ACCC have the tools to perform the task required, and if not what more does it need to provide better outcomes?
The performance of the ACCC is important in delivery of effective consumer protections.
A recent lecture by Rod Simms
concludes by considering the root causes for some of the poor consumer outcomes. One of the concluding points -
“I often meet senior company board members and management. Some of them say clearly that it is not up to the regulator to tell them how to behave. Their job is to maximise shareholder value, and decide how best to do this.“
The response of the advertising industry and agencies to an early court case brought by the ACCC in 2003 typifies one view of how marketing perceived it’s relationship with the consumer. It was ok for the industry to make the bullets in any form they chose, how the advertising was targeted and used it was not their responsibility!
Somethings appear to have changed little in this regard, suggesting the ACCC needs to do more on advertising standards as well.