Part I

The Regulator

The regulatory objectives

The protection of consumers
5
1
The protection of consumers objective is: securing the appropriate degree of protection for consumers.
2
In considering what degree of protection may be appropriate, the Authority must have regard to—
a
the differing degrees of risk involved in different kinds of investment or other transaction;
b
the differing degrees of experience and expertise that different consumers may have in relation to different kinds of regulated activity;
c
the needs that consumers may have for advice and accurate information; and
d
the general principle that consumers should take responsibility for their decisions.
3
“Consumers” means persons—
a
who are consumers for the purposes of section 138; or
b
who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.